Pakistan’s imported scrap market remained quiet for yet another week on account of the Eid holidays. Steelmakers and buyers were away from the market since last week and no fresh deals were concluded.
Imported offers for scrap remained at a two-month low, yet buyers showed limited interest for booking any fresh material. However, a few bookings were seen towards the end of last week before the Eid holidays as offers corrected due to subdued transactions.
Offers for shredded in containers moved down to $580-585/t CFR Port Qasim, while a few offers were heard below $580/t CFR Qasim basis.
- 4,000 t of UK-origin shredded scrap in containers was booked at $595/t, and around 1,000-1,500 t cargo of UK-origin material was traded at $587-590/t CFR PQ levels later, last week.
- In another deal, 500 t of USA-origin shredded was concluded at $580/t, CFR.
SteelMint’s assessment for shredded scrap import prices stands at $580-585/t CFR, a decrease of $10/t on a d-o-d basis.
PKR stable against the dollar: The national currency, the Pakistani rupee (PKR), mostly remained stable against the dollar. Currently, PKR is trading at 185.72 against 185.77 a week ago.
Domestic steel market remained subdued: Domestic rebar market remained subdued on Eid holiday festival. Pakistan’s leading steel mills kept rebar prices unchanged officially for another week for G-60 (10-12mm) grade. However, tradable prices are at PKR 195,000-200,000/t exw ($1,049-1,076/t). The market will improve after the Eid holidays.
Pakistan domestic market prices
Outlook: Markets will resume next week or towards the 2nd half of the week, however, inquiries for fresh bookings are likely to remain limited.
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