The steel prices in Pakistan have almost remained firm, even though there is rigorous fall in Imported scrap offers. According to market participants, the reason behind the stability is the strong demand domestically has led to balance steel prices in the country.
As per assessment offers for Grade60, 12 mm rebars by the local mills in Karachi, Pakistan are hovering at 84,000-85,000 Pakistan Rupee (USD 797-807) & same grade Billet offers reported at 64,000-66,000/MT Pakistan Ruppee (USD 607-626). The prices are ex-works & including of local taxes @ 17%.
“Construction activities have improved post long Eid holidays which has supported local demand by end user segment, said a mill owner produces rebar approx 15,000-20,000 per month in Karachi, Pakistan.
“Strong demand is also supported due to low imports on government’s safety measures in which the definitive anti dumping duty have been imposed on Imports of Chinese goods – during May on rebars (53%) and in June on Billets (24.4%)” he further stated.
Scrap Offers Sharply Fall
Imported scrap offers in Pakistan sharply fell by around USD 20/MT in the couple of weeks and are assessed around USD 305/MT for HMS & USD 320-325/MT for shredded grade, CFR Port Qasim, Pakistan.
Local Ship breaking prices are reported at 40,000-42,000/MT Pakistan Rupee (USD 380-400) & plate cutting at 55,000-57,000 Pakistan Rupee (USD 522-541); ex-works , including of local taxes.
According to an importer based in Pakistan, availability of local ship cutting scrap is largely present, so there is no fresh bookings for bulk imports. There is scope for further corrections in offers, once prices find stability, bookings will be made.
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