After witnessing a sudden and sharp currency depreciation last week, imported scrap market in Pakistan is witnessing less trades this week. Offers have moved down by USD 10/MT W-o-W.
Last week PKR depreciated Rs. 7.5 against the USD to Rs 118 in the inter-bank market compared to its closing rate of Rs 110.5 on beginning of previous week, which made the market standstill.
Currently PKR is trading at 115.7 against USD.
“Pakistan market is in ‘Wait and Watch’ mode and buyers are keeping a close view on the offers. They are resisting to book material as they expect offers to come down further in coming days”, shared a Pakistan based trade source.
Price assessment for Shredded scrap 211 is around USD 388-395/MT, CFR Port Qasim depending on the origin. Few participants highlighted to have booked around 2,000 MT scrap at USD 388/MT, CFR. Previous week’s assessment was at USD 403-404/MT, CFR.
Although buyers are eyeing for price drop but the yards haven’t reduced the offers so sharply.
Offers for HMS 1 in containers from UAE assessed in the range of USD 375-380/MT. While no bulk offers heard again this week.
Ship breaking prices in Pakistan fell against last week and are at USD 440/LDT for general dry bulk cargo and at USD 455/LDT for containers on CNF Pakistan basis.
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