Pakistans’ imported scrap market has been inactive since last weekend due to the festive occasion of Eid-ul-Adha. Despite this, imported scrap prices moved up further tracking global uptrends and increased offers from suppliers.
No significant trade was witnessed so far this week. The domestic steel market too remained slow. However, market participants expect trade to pick up after the holidays.
SteelMint’s assessment for shredded 211 scrap from UK/Europe stands at $495-500/t CFR Qasim, mostly stable against last weekend’s closing while moving up sharply by over $25-30/t w-o-w.
Domestic steel market silent amid holidays: The local market in Pakistan is likely to remain closed on account of Eid from 8 July-17 July. The market has remained more or less the same as in the previous week. The finished steel market has slowed down and no change has been observed in rebar and local scrap prices.
Major steel producers kept their rebar offers unchanged for yet another week. Offers for G-60 rebar (10-12mm) are at PKR 236,000/t exw Punjab ($1,122/t), including taxes. However, the tradable value is lower by PKR 8,000-10,000/t exw, depending on payment terms.
The Pakistani rupee (PKR) lost value further and is trading at 207.4 against the dollar after hovering at 206.2 last week.
Meanwhile, the ongoing monsoon has impacted the northern Pakistan region heavily. Hence, some small-sized mills have suspended or cut their production which may support rebar offers in the near term, highlighted sources.
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