Pakistan: Imported scrap prices fall w-o-w tracking global trends

In line with the recent fall in global scrap prices and limited bookings seen from Turkish mills, Pakistan's imported scrap prices have also witnessed some correction in recent deals.

Interestingly now the Pakistani traders seem to be playing safe and are quoting offers to the mid-sized mills, as they haven't booked much scrap due to high offers earlier, SteelMint learnt.

Recent offers and deals

• Around 3,000 tonnes (t) of imported shredded in containers from the UK have been booked at $555-560/t CFR Qasim levels.
  
  
• Another 2,000 t of shredded from Europe have been booked at $551/t CFR Qasim basis.
  
  
• Meanwhile, offers for US-origin shredded scrap were heard around $555/t CFR levels.
  
  

The Turkish market is also relatively quiet now, as it booked sufficient quantities for November shipments. A UK-origin scrap cargo containing HMS 1&2 (80:20) was booked at $489/t CFR Turkey, which is a fall of $5-10/t against the closing of last week.

PKR gain value against dollar: The Pakistani rupee hit all-time low last week at PKR 175 levels. But now the rupee has gained value slightly over the week and is currently being traded at PKR 170.15 against the dollar.

Domestic scrap prices in Pakistan have gone up further by PKR 2,000-3,000/t to PKR 121,000-122,000/t exy-Punjab for shredded-equivalent scrap.

Mills lift domestic rebar offers further by PKR 5,000/t: Pakistan's domestic steel market sentiments have remained supportive. The offers for G-60 rebar have increased by around PKR 5,000/t for yet another week. Currently, mills are quoting G-60 rebar at PKR 190,000-191,000/t exw-Punjab levels. The transactions happened at PKR 18,5000-188,000/t exw-levels.