Rebar prices in Pakistan’s domestic market have strengthened further this week on the back of sharp hike in imported scrap prices. Imported scrap prices in Pakistan have risen by $20 on a weekly basis and are edging close to 3-year high levels, as similar prices were recorded during Mar’18, according to SteelMint. SteelMint’s assessment for imported shredded 211 scrap in containers from UK/Europe stands at $400/t CFR Qasim, moving up sharply by $18/t w-o-w.
“2nd tier steel mills are less active to book fresh lots of imported scrap at higher offers. However, few major mills remained active in bookings for Jan’21 shipment”, a Pakistan based scrap trader highlighted.
Recent trades and offers-
- Around 2,000-3,000 t of UK/Europe origin containerized shredded scrap has booked so far this week at $400/t CFR Qasim
- Towards the closing of the last week another 1,000 t of shredded was sold at $378/t CFR Qasim basis.
- Fresh offers for UK /USA origin shredded were reported at around $400-405/t CFR Qasim level
“Although finished steel prices have increased in Pakistan, the hike is still less compared to surge in input cost due to imported scrap price rally. Domestic finished market sentiments are not strong enough to support the imported scrap prices”, highlighted Pakistan based steel mills
Rebar prices rise further- Domestic steel prices escalated this week, following an imported scrap price hike. However, the finished market remained less supportive to scrap price.
Pakistan domestic steel prices as on 07th Dec’20
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