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Pakistan: Imported scrap offers rise further, finished steel prices remain range-bound

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Melting Scrap

BigMint Bureau

777 Reads

27 Apr 2021, 19:53 IST

Pakistan: Imported scrap offers rise further, finished steel prices remain range-bound

Pakistan has witnessed an increase in imported scrap offers further this week with UK/European scrap suppliers targeting a further hike in new round of deals.

"Market is slow here as there are only limited buyers now in the market. However, inquiries have increased due to scarcity in domestic scrap market" SteelMint learnt from sources.

Recent trades and offers:

Few trades for around 3,000 t of UK/EU origin shredded in containers has been concluded at $470/t CFR levels
Fresh offers for shredded are now hovering around at $470-475/t CFR Qasim levels, up by a further $10-15 w-o-w. Yards are however targeting at $475/t CFR levels
Offers for Dubai origin HMS1 are now available at $450-460/t CFR Qasim levels

Domestic rebar prices remain largely stable: Pakistan's domestic market position is more or less similar to last week. Hardly any change has been observed in local scrap and billet rates. Low scrap availability in domestic market has kept buyers active in the imported scrap market. Finished Steel market has slowed down amidst lockdown restrictions due to increasing COVID-19 cases and ongoing Ramadan.

Rebar G-60 prices have observed stability this week against the end of the previous week. According to SteelMint, prices for G-60 rebar in Punjab region stand at PKR 130,780/t exw-Punjab, largely stable on weekly basis. However, indicative offers were quoted in the range of 130,000-134,000/t PKR Punjab levels for G-60 rebar.

"Also dull domestic market sentiments on slow construction activities have reduced demand and it will completely vanish in the last 10 days of Ramadan and would further remain quiet for 10 days post-Eid holidays" credible sources have reported to SteelMint.

However, local scrap prices in Pakistan have moved up by PKR 2,000/t and stand at PKR 91,000/t exy-Punjab

Outlook: Domestic steel market is likely to remain quiet for next 15 days, ahead of Eid festival. Imported scrap buyers remain active and were booking fresh slots for May'21 shipments.