Pakistan’s imported scrap prices have continued to gain momentum during the past few weeks, following the uptrend in the global market. Prices have climbed nearly two-year high, as per data maintained with SteelMint. Scrap prices have jumped as there is a huge shortage of material as well as logistical issues related to poor availability of containers and rapidly rising freight rates.
SteelMint’s assessment for imported shredded 211 scrap in containers from UK/Europe stands at $365/t CFR Qasim, up by $12/t w-o-w.
Recent trades and offers –
- UK origin shredded has been sold in containers at $364/t CFR Qasim basis
- Fresh offers for shredded are now being reported at around $370/t CFR level
- UAE origin HMS 1&2 (80:20) in containers is being offered in the range of $350-355/t CFR level, up by $10/t against last week
Domestic scrap prices in Pakistan trend upwards –
Domestic steel market rates trend a little upward as related to previous week due to higher scrap prices. The local scrap prices have slightly increased by PKR 500/t w-o-w basis. Deformed rebar price assessment has also increased by PKR 1,000/t as manufacturers are looking to pass on the higher scrap prices.
Pakistan domestic steel prices as on 23rd Nov’20
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