Pakistan: Domestic steel offers up as imported scrap prices gain further
...
Pakistan-based steel mills have remained active in booking imported containerised scrap in absence of bulk offers. Mills have raised steel offers too following hike in scrap prices. On the other hand, tight scrap availability remained major factor behind continuously increasing prices. SteelMint's assessment for imported shredded 211 scrap in containers from UK/Europe stands at $378/t CFR Qasim, moving up sharply by $13/t w-o-w.
Recent trades and offers-
- Around 5,000-10,000 t of UK/Europe origin containerized shredded scrap has been booked at $375-378/t CFR Qasim levels in the last 3-4 days, SteelMint learned from its credible source. While fresh offers for shredded now stand at $380-382/t level.
- Price indications for UAE origin HMS 1&2 (80:20) in containers stand at $355/t CFR Qasim.
Pakistan based steel mills lift offers- Following a global price hike, domestic local scrap, Bala billet, and CC billet prices have also increased as compared to last week. The local scrap prices have slightly increased by PKR 1,500/t w-o-w basis.
Deformed rebar of major mills is being offered at PKR 115,500-116,500/t levels, while mini-mills have kept average selling price at PKR 111,000-112,000/t levels. While steelmakers even expect that billet prices would easily shoot above PKR 105,500 within a few weeks.
Pakistan domestic steel prices as on 30th Nov'20
