Imported ferrous scrap prices in Pakistan fell by $10-15/mt from the prior week on a continued drop in the global ferrous scrap prices.
The weekly Davis Index for containerized shredded fell by $9/mt to $280/mt cfr Port Qasim on Friday. Early in the week, trades for shredded concluded at $283-285/mt cfr Qasim. Prices dropped to $277-278/mt cfr Qasim towards the week’s close.
Few buyers lowered their bids for shredded at $275/mt cfr Qasim but supplier yards resisted bids below $280/mt cfr Qasim since they Indian scrap buyers offered better realisations.
Containerized HMS 1&2 (80:20) from UK and the US traded at $260-265/mt cfr Port Qasim on Friday, down by $15/mt from the prior week.
South Africa and Dubai-origin #1 HMS traded at $275-280/mt cfr Port Qasim, down $10/mt from the prior week.
The Davis Index for Busheling settled at $298/mt cfr Port Qasim, down $7/mt from the prior week. Bids fell in the range $290-295/mt cfr Qasim on Friday with suppliers reluctant to match these levels. P&S 5ft scrap traded at $290-295/mt cfr Port Qasim.
Pakistan’s domestic steel prices fell by PKR1,000/mt from a week ago on weak demand from the consumers. Mega construction projects, including those in CPEC, are on hold amid supply crunch from China, which remained shut amid the Coronavirus outbreak.
The weekly index for Pakistan’s domestic high-grade scrap equivalent to shredded settled at PKR64,000/mt ($413/mt) delivered to Punjab, down PKR750/mt from the prior week.
The Davis Index commercial Bala billet prices fell by PKR750/mt from a week ago to PKR84,000/mt ex-yards Punjab, inclusive of local taxes.
The Davis Index for G-60 rebar settled at PKR106,000/mt ex-plant Karachi, down PKR500/mt from a week ago. In Punjab, rebar prices fell by Rs1,000/mt to PKR104,000-105,000/mt ex producers.