Imported ferrous scrap prices in Pakistan rebound this week as rising global ferrous scrap prices gave them a lift.
Major shipping lines are likely to raise prices for 20ft and 40ft containers on scarcity of empty containers globally.
The weekly Davis Index for containerized shredded rose by $10/mt to settle at $290/mt cfr Port Qasim on Friday. Early in the week, trades for shredded concluded at $285-287/mt cfr Qasim.
Suppliers from UK and EU offered shredded at $295/mt cfr Port Qasim in the hopes of sustained rise in global prices fuelled by those in Turkey.
Containerized HMS 1&2 (80:20) from UK and the US traded at $270-275/mt cfr Port Qasim on Friday, up by $5-10/mt from the prior week.
South Africa and Dubai-origin #1 HMS traded in the range $280-285/mt cfr Port Qasim, up $5/mt from the prior week. Some sellers offered at $290/mt cfr Port Qasim but failed to find takers at those prices.
The Davis Index for Busheling settled at $305/mt cfr Port Qasim, up $7/mt from the prior week. Bids forP&S were in the range $290-295/mt cfr Qasim on Friday, with suppliers reluctant to match these levels.
Pakistan’s domestic billet prices rose by PKR500/mt from a week ago.
Mega construction projects, including those in CPEC, are on hold amid material crunch from China which was shut amid the coronavirus outbreak. International Monetary Fund has instructed the Pakistan government to lower their dependence on Chinese economy.
The weekly index for Pakistan’s domestic high-grade scrap equivalent to shredded settled at PKR65,000/mt ($418/mt) delivered Punjab, up PKR1,000/mt from the prior week.
The Davis Index commercial Bala billet rose by PKR500/mt from a week ago to PKR84,000/mt ex-yards Punjab inclusive of local taxes.
The Davis Index for G-60 rebar settled flat at PKR106,000/mt ex-plant Karachi from a week ago. In Punjab rebar prices settled at PKR105,000/mt ex producers, also unchanged from the prior week as markets remained quiet for yet another week.