Imported scrap prices in Pakistan have risen by $15 w-o-w on tight availability and restocking demand. The local steel mills in Pakistan continued to push finished steel offers on increased imported scrap prices. However, finished steel trades haven’t been concluded at increased offers, Pakistan based trade sources have highlighted.
Recent trades and offers-
- 1,000 t of UK origin shredded in containers was sold at $350/t CFR Qasim
- Fresh offers are being quoted at around $350-355/t CFR level, rising significantly by $20-25 w-o-w basis. Offers increased after the recent Turkish booking reported higher by $10 w-o-w
- HMS 1&2 (80:20) from UAE is being offered at $330-340/t CFR basis, while UK origin HMS 1&2 (80:20) even quoting at $335-340/t CFR Qasim level
- SteelMint’s assessment for imported shredded 211 scrap in containers from UK/Europe stands at $353/t CFR Qasim, up by $13 as compared to last week
“Yesterday we have sold shredded at even $340-345/t level from a prime yard as well as directly from the recycler” shared a Pakistan based trader. Pakistani rupee has also strengthened in last one month. Currently, currency exchange rate stands at PKR 158.15 against $1 as compared to PKR 162.75 was recorded on 17th Oct’20.
Domestic steel prices increase-
Domestic steel market observed a slight increase in Pakistan. Few major mills like Amreli Steel, Agha Steel, Moiz Steel, etc have pushed the deformed rebar offers by PKR 3,000-4,000/t up to PKR 117,500-118,500/t level due to a sharp rise in imported scrap prices.
Local scrap prices have inched up further at PKR 1,500/t w-o-w basis. The Pakistan government is likely to make some changes in the power tariff for the steel sector which may impact the steel prices.
Pakistan domestic steel prices as on 16th Nov’20
Leave a Reply