According to the recent released data by Pakistan Bureau of Statistics, Scrap Imports in Pakistan moved up by 60% Y-o-Y in October 2017 on increased melting facilities in domestic market.
As per the customs, the nation has imported about 0.38 MnT Scrap in Oct’17 against 0.24 MnT in Oct’16, surge by around 60% on yearly basis.
On monthly calculations, in Oct’17 imports registered a rise of 4.85% against 0.37 MnT in Sep’17. Prior to this, on monthly basis in Sep’17 it showed decline of 22.74% against 0.47 MnT in Aug’17.
Pakistan based steel mills are actively booking scrap cargoes over increased finished demand amid various import duties
In general, rolling mill owners prefer to import or buy billet locally. However, as of now billet imports is not viable over various taxes like regulatory duty of 15%, Anti-dumping duty on Chinese billet of 24.04% and additional taxes like custom import duty, sales tax, excise duty and port charges.
Further, in CY 2017 (Jan-Oct), the country’s total import for Scrap was at 4.10 MnT, surge by 22.39% against same duration in last year at 3.35 MnT.
Billet prices in the nation are assessed in the range of PKR 64,000-66,000/MT (USD 605-625).
Current offers for UK origin Shredded scrap are assessed at around USD 335-340/MT, CFR Port Qasim, up by USD 5-10/MT W-o-W. Offers for the same material grade were recorded at USD 328-330/MT, CFR last week.
Offers for Dubai origin HMS have increased to USD 315/MT, CFR Port Qasim this week which were heard last week at USD 305-310/MT, CFR.
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