Imported scrap offers to Pakistan have risen against the price reported on 3 Jun’21. However, the buying inquiries have slightly slowed down as buyers are awaiting the budget which is expected to be out in a week’s time, said local sources.
“Nothing much is happening in Pakistan as current shredded offers are at higher levels and all buyers aren’t ready to accept these prices,” said a Pakistan-based trader.
Recent trade and offers
- Around 3,000 tonne (t) of UK/Europe-origin shredded scrap in containers have been booked at $515-518/t, CFR Qasim levels, towards the end of last week, sources confirmed to SteelMint.
- Fresh offers from renowned UK yards for imported shredded are being quoted at $525-530/t, whereas offers from the trade segment are being quoted at $510-515/t levels.
Various deals for imported scrap have been observed towards last weekend in the range of $515-520/t levels. Recent deals of about 1,500 t of shredded scrap have been concluded at $521-523/t CFR levels, said a trader.
“After a few high seas sales were reported at $518/t CFR for shredded, not much trade has been reported as yards are still holding offers high. Shredded scrap supplies have remained tight globally,” another trade source said.
Pakistan-based mills lift rebar offers: The domestic steel market position remained more-or-less the same as last week amid subdued finished steel demand. However, mills have lifted rebar offers by PKR 3,000/t due to continuous hike in imported scrap prices. Currently, G-60 rebar offers stand at PKR 144,000-145,000/t exw-Punjab, sources toldSteelMint.
Currently, local scrap prices are being offered at PKR 93,500-96,000/t exw-Punjab.
Outlook
Industry insiders have sought removal of the regulatory and additional duties in the upcoming FY’22 budget, which may cut down their cost of imports.
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