Imported ferrous scrap prices increased by another $10/mt this week driven by a major deal early this week. Bulk cargo trade at Port Qasim consisting of 30,000mt, with 26,000mt shredded and 4,000mt P$S was reported at $306/mt cfr and $311/mt cfr, respectively.
The weekly Davis Index for containerised shredded rose by $9/mt to settle at $315/mt cfr Port Qasim on Friday. Early in the week, trades for containerised shredded concluded at $310-315/mt cfr Qasim. Prices then rose to $315-318/mt cfr Qasim late in the week.
The Davis Index for Dubai origin HMS 1&2 (80:20) settled at $305/mt cfr Port Qasim, up by $10/mt from the prior week.
The Davis Index for Dubai origin HMS 1 settled at $315/mt cfr Port Qasim, up $7/mt from the prior week. Trades of high-quality mix with #1 HMS/P&S were at $312-315/mt cfr Qasim, up by $10/mt from the prior week. The Davis Index for P&S settled at $320/mt cfr Port Qasim, up by $12/mt from the prior week.
Containerised HMS 1&2 (80:20) from UK and the US traded at $288-295/mt cfr Port Qasim on Friday, up by $5/mt from the prior week.
South Africa #1 HMS traded at $295-300/mt cfr Port Qasim, up $5/mt from the prior week. The same grade was offered at $300-305/mt cfr Port Qasim, with no takers at those prices.
The Davis Index for Busheling settled at $326/mt cfr Port Qasim, up $12/mt from the prior week. Trades for Busheling were reported at $320/mt cfr Qasim early this week. Prices subsequently rose to $325-326/mt cfr Qasim, late this week.
The Davis Index for P&S 5ft settled at $320/mt cfr Port Qasim on Friday, up from $308/mt cfr Qasim on the prior Friday.
In Pakistan’s domestic markets, scrap and billet prices, both increased by PKR500-1000/mt fuelled by bullish imported scrap. The Davis Index for commercial Bala billet rose by PKR500/mt from a week ago to PKR85,250/mt ($534/mt) ex-yards Punjab inclusive of local taxes. The Davis Index for G-60 billet settled flat at PKR90,750/mt cfr Qasim.
The weekly index for Pakistan’s domestic high-grade scrap equivalent to shredded settled unchanged at PKR65,500/mt delivered Punjab, up by PKR500/mt.
Finished steel
Rebar prices are likely to increase if demand recovers in the infrastructure sector in coming months.
The Davis Index for G-60 rebar settled unchanged at PKR107,000/mt ex-plant Karachi. Mills in southern region offered rebar at PKR108,000-109,000/mt ex-plant Karachi
The weekly Davis Index for G-60 rebar settled flat at PKR106,000/mt ex producers, on Friday.
($1=PKR154.48)