Imported ferrous scrap prices in Pakistan fell by $8/mt from the prior week amid a fall in global ferrous scrap prices.
The weekly Davis Index for shredded fell by $8/mt to $289/mt cfr Port Qasim on Friday. Trades of shredded were reported at $290-295/mt cfr Qasim.
Major steel mills in Karachi began restocking ferrous scrap in anticipation of increased demand for finished steel in the near term. Steel mills have booked over 25,000mt of shredded scrap from US, UK and Europe in the week.
The index for Dubai-origin #1 HMS settled at $290/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.
South Africa origin #1 HMS traded at $290/mt cfr Port Qasim, down $5/mt from the prior week.
The Pakistan government is likely to announce more infrastructural projects in the coming days. This, along with the government’s process of tariff rationalisation is likely to strengthen steel demand in the country.
The index for Busheling scrap settled at $305/mt cfr Port Qasim, down $5/mt from the prior week. P&S scrap from UAE traded at $300/mt cfr Port Qasim.
Bundles of LMS scrap from Europe traded at $260/mt cfr Port Qasim.
The weekly index for Pakistan’s domestic high-grade scrap equivalent to shredded settled at PKR64,750/mt ($406/mt) ex-works Punjab, up PKR250/mt from the prior week. Commercial bala billet prices fell by PKR321/mt from a week ago to PKR84,500/mt ex-yards Punjab, inclusive of local taxes.
Rebar prices in Pakistan were flat with G-60 rebar traded in the range PKR106,000-107,000/mt ex-plant Karachi, exclusive of taxes.