Trade activities in Pakistan’s steel and scrap market have slowed down with the approaching Eid -Al-Aldha holidays this week. Though, leading Pakistan based mills had raised rebar offers towards the end of last week, but the quoted offers are yet to find market acceptance, SteelMint understands. Domestic rebar offers moved up further by PKR 5,000/t levels before holidays.
With recent hike in G-60 rebar prices major mills have quoted offers PKR 156,000-161,000/t exw Punjab basis. SteelMint assessment for G-60 rebar stands at PKR 158,000/t exw, moving up significantly by PKR 6,500/t exw levels w-o-w. Local scrap (equivalent to Shredded) prices have too increased upto PKR 102,000-104,000/t exy Punjab basis, due to shortage of local scrap.
Pakistan domestic steel market overview
The country’s imported scrap trade activities witnessed a silence with the onset of holidays. The market insiders have highlighted that no major deals were reported in last few days, owing to everyone were busy in celebrating Eid.
“Markets are closed and is likely to witness limited trades in the next 7-10 days. However, imported scrap prices are less likely to see a sharp decline”, highlighted a local player.
Imported scrap offers more-or-less remained stable this week, with limited scrap bookings were recorded by the major mills. However, many buyers and steel mills have already restocked their inventory before holidays.
Confirmed deal and offers-
- Around 8,000 t of shredded have been booked at $548/t CFR Qasim basis in last 2-3 days.
- Fresh offers for UK/EU origin shredded is being quoted at $545-550/t levels, mostly unchanged w-o-w.
- Whereas, price indications for HMS 1 from Dubai is being cited at $510/t CFR Qasim basis.
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