Pakistan’s domestic ferrous scrap prices rose by PKR1,000-1,500/mt ($6.5-9.7/mt) this week on short supply. Imported ferrous scrap prices, however, dropped by $10/mt mirroring global prices. A few induction furnaces in the northern region, which were shut for the past two months, have resumed production.
The weekly Davis Index for containerized shredded dropped by $10/mt to settle at $305/mt cfr Port Qasim on Friday. Early in the week, trades for containerised shredded concluded at $308-310/mt cfr Qasim. Prices subsequently fell to $305-307/mt cfr Qasim late in the week.
The Davis Index for Dubai origin HMS 1&2 (80:20) settled at $295/mt cfr Port Qasim, down by $10/mt from the prior week.
The Davis Index for Dubai origin HMS 1 settled at $303/mt cfr Port Qasim, down by $12/mt from the prior week. Trades of a high-quality mix consisting of #1 HMS/P&S were at $300-305/mt cfr Qasim, down by $10/mt from the prior week.
The weekly Davis Index for P&S 5ft settled at $310/mt cfr Port Qasim on Friday down from $320/mt cfr Qasim. Bids for the grade were at $305/mt cfr Qasim. Containerised HMS 1&2 (80:20) from the UK and the US traded at $280-283/mt cfr Port Qasim, down by $8-10/mt from the prior week.
South Africa #1 HMS traded in the range $295/mt cfr Port Qasim, down $5/mt from the prior week. But offers were at $300/mt cfr Port Qasim.
The Davis Index for Busheling settled at $318/mt cfr Port Qasim, down $8/mt from the prior week. Busheling was offered at $320/mt cfr Qasim, with no takers at those levels.
Mills increased inquiries for bulk ferrous cargoes as there was a glut of offers in seaborne markets with Turkish mills stayed silent. Containerised scrap trades, however, remained affected amid a shortage of containers. Bulk cargoes comprising shredded were offered at $300/mt cfr from the US and $305/mt from the UK yards. Deals were heard under negotiation.
The weekly index for Pakistan’s domestic high-grade scrap equivalent to shredded settled at PKR66,500/mt ex Punjab yard, a rise of PKR1,000/mt from the prior week.
Prices for compressor scrap equivalent to CRC scrap were at PKR68,000/mt, up by PKR1,000/mt from the prior week.
The Davis Index for commercial Bala billet rose by PKR500/mt from a week ago to PKR85,750/mt ex-yards Punjab inclusive of local taxes.
The Davis Index for G-60 billet rose by PKR1,000/mt to PKR91,750/mt cfr Qasim from the prior week.
The Davis Index for G-60 rebar settled at PKR106,250/mt ex-plant Karachi, down by PKR750/mt from a week ago. Mills in the southern region offered rebar at PKR108,000-109,000/mt ex-plant Karachi.
The Davis Index for G-60 rebar settled at PKR105,250/mt ex producers, down by PKR750/mt from the prior week.