Pakistan’s imported scrap offers continued to move up from the last two weeks. However, steel mills are actively procuring imported scrap for the upcoming winter, which is considered as the high demand season from end-users.
Ferrous scrap import prices into Pakistan have increased by around $45-50/t in the last two weeks. However, deals are happening at increased offers.
Recent offers
- Recently, around 3,000 t of shredded have been booked at *$552-553/t CFR Qasim levels. Fresh offers for shredded scrap of UK/EU-origin were quoted at $555-560/t CFR Port Qasim.
- Earlier, a few mills had booked around 12,000 t of UK-origin shredded scrap at $550/t CFR Port Qasim, sources said.
- HMS 1 from UAE is being offered at $525-530/t CFR Qasim basis.
Meanwhile, the country remained closed today due to the Prophet’s birthday and Eid Milad-un-Nabi. Hence, the market is likely to remain slow today and tomorrow.
Rupee nosedives to all-time low: The Pakistani rupee (PKR) fell to a new all-time low of 172.78 against the dollar, amid uncertainty regarding the resumption of the International Monetary Fund’s (IMF’s) $6-billion Extended Fund Facility (EFF).
Ferrous scrap imports up 10%, m-o-m in Sep’21: Pakistan, which is a leading South Asian ferrous scrap importer, recorded an increase in monthly ferrous scrap imports by 10% in Sept’21. The country’s scrap imports stood at 0.33 mn t in September against 0.30 mn t in the preceding month, as per data maintained with SteelMint. However, on a y-o-y basis, import volumes dropped 38% from 0.53 mn t in Sept’20.
Domestic steel prices unchanged: Pakistan’s domestic prices remain unchanged this week, as the market players were in a festive mood. But, demand for rebar remains strong this being the peak season for rebar consumption.
SteelMint’s assessment of local shredded scrap prices remained unchanged for this week at PKR 112,500/t exy-Punjab. SteelMint’s price assessment for G60 rebar in Pakistan’s Punjab region stands steady at PKR 177,500/t exw, inching up by PKR 500/t w-o-w.
*Correction: The deal price has been corrected to $552-553/t CFR Qasim, which was wrongly written as $522-523/t CFR Qasim
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