Pakistan’s import scrap market faces lack of activity due to elections

Wednesday, 07 February 2024 16:57:06 (GMT+3)   |   Istanbul
       

Trade activity in Pakistan’s import scrap market has been sluggish due to the elections in the country this week. Meanwhile, most offers for containerized scrap have showed a slight increase over the past week, with only occasional deals reported.

Specifically, offers for ex-Europe shredded scrap in containers have been voiced at $445/mt CFR, versus $440-445/mt CFR last week, while deal prices have still been estimated at a slightly lower level or at $442/mt CFR, with a few bookings reported by Pakistani traders this week. Offers for ex-US shredded scrap on containers have been reported at $435-440/mt CFR against $435/mt CFR last week.

At the same time, offers for ex-Middle East, ex-Dubai in particular, HMS I/II 80:20 scrap have moved to $415-420/mt CFR, up by $5/mt week on week. However, according to market insiders, booking origins have shifted mostly away from Dubai to the EU, the UK and the US due to uncertainties over implementation of export duty. “The export duties in Dubai have proved to be more serious than expected, as the government warns of penalties on mis-declaration as well as prosecution against offenders. ⁠⁠It may take more time to have clarity and for adjustment of pricing from Dubai for exports,” a market insider said.

Meanwhile, local rebar sales have remained stable with no major change in pricing. Offers for local 10-12 mm rebar of grade 60 have been voiced at PKR 268,000/mt ($960/mt) ex-works, while offers for local scrap equivalent to shredded have been heard at around PKR 165,000-170,000/mt ($591-609/mt) ex-warehouse, down by PKR 5,000/mt ($18/mt) on the higher end of the range over the past week.

“This week everyone expects a lack of activity due to the elections, but customers are positive about post-election stability and growth in the market. ⁠⁠Improved weather in most regions in Pakistan may help to mobilize more volumes and faster transactions in February,” another source commented.

All prices on Pakistani rupee basis include 18 percent VAT.

$1 = PKR 279.20


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