Imported ferrous scrap prices in Pakistan fell by $13-15/mt from a week earlier. Suppliers have withdrawn offers from the market with prices lower than expected and limited offers were available in the market this week.
Imported ferrous scrap prices in Pakistan fell by $13-15/mt from a week earlier.
The Davis Index for shredded fell to $297/mt cfr Port Qasim on Friday, down $13/mt from a week ago.
Trades of containerised shredded were reported at $300-305/mt cfr Qasim early in the week and offers from Europe and UK fell in the range of $295-297/mt cfr Port Qasim.
Dubai-origin #1 HMS settled at $298/mt cfr Port Qasim, down $8/mt from the prior week. Trades of HMS 1&2 (80:20) from Europe and Dubai concluded at $294-295/mt cfr Port Qasim, down by $7-8/mt from the prior week.
Steel mills are likely to restock after the Chinese New Year holidays, as historically, the February market has remained healthier for steel demand in Pakistan, said a trader.
The Davis index for busheling scrap settled at $310/mt cfr Port Qasim and trades concluded in the range $310-312/mt cfr Port Qasim.
P&S scrap from the UAE traded at $305-310/mt cfr Port Qasim.
Domestic steel prices in Pakistan remained flat this week on subdued demand. The weekly index for Pakistan’s domestic high-grade scrap equivalent to shredded settled at PKR64,500/mt ($406/mt) ex-works Punjab, up PKR357/mt from the prior week.
Pakistan’s commercial bala billet prices increased by PKR1,821/mt from a week ago to PKR84,821/mt ex-yards Punjab, inclusive of local taxes. Rebar G-60 prices remained flat in the range PKR106,000-107,000/mt ex-plant Karachi, exclusive of taxes.