Pakistan’s imported scrap prices remained steady, however, no major trades were witnessed so far this week as buyers and suppliers both are now in wait and watch mood ahead Eid-holidays, starting 31 Jul’20. Domestic steel market too remained slow, however, market participants expect trades to pick up after holidays.
SteelMint’s assessment for Shredded 211 scrap from UK/Europe stands at $300/t CFR Qasim, mostly stable against the closing of last week, while, up by $3 against opening of the last week. Recently, a Punjab region-based steelmaker booked a decent quantity of UK origin shredded at around $297/t CFR basis. Few scrap suppliers are even trying to stretch the offers to around $303-304/t CFR level. However, currently, buyers’ price idea is stands at $ 297-300/t CFR level. USA origin shredded scrap in containers are now being offered at around $295/t CFR basis.
Offers for HMS have remained almost stable against last week. Middle-east origin HMS 1 being offered at $280/t CFR, while HMS 1&2 (80:20) from Europe stands at $270-275/t CFR.
A steel manufacturer based in Karachi-region shared that “due to upcoming Eid festival holidays this weekend, most of the factories will be shut down in the coming days, thus the market is quiet”.
Domestic steel market:
The domestic steel market now closed from today till 5th Aug on account of Eid-festival holidays as well as ongoing lockdown, as per the government’s new notification.
Domestic steel prices persisted stability since last two weeks. Deformed bar (Grade 60) offers by Punjab region mills standing at PKR 111,000-112,000/t ex plant and PKR 112,000/t for South region mills, ex plant inclusive of all taxes.
Due to high demand on low scrap availability, many variations were witnessed in domestic scrap prices last week. Local scrap prices (eq to Shredded) moved up by PKR 500/t, on a weekly basis, and currently, stands at PKR 72,500/t inclusive of taxes.
Pakistan Domestic Steel Prices as on 28th July’20
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