Pakistan: Imported Scrap Offers Edge Down, Local Steel Prices Fall on Uncertainty
SteelMint learned in recent conversation with market participants that Pakistan steel market observes increasing traction finally.
The news of lifting up of the ban on high rise building in Karachi brings some signs of improvement however, local steel market continues facing economic uncertainties like lack of clear policy, depreciation of Rupee, increased interest rates and delays in the release of funds. Also, usually December remains a lean period for the steel industry.
Imported scrap offers came under pressure on a sharp fall in demand. Offers for containerized Shredded 211 from Europe and UK heard in the range USD 335-337/MT, CFR Qasim. However, buyers remain away from buying at the moment with an expectation of USD 330-335/MT, CFR levels.
“Most of the buyers would like to clear the existing stocks first before they start stocking of scrap now” shared a source.
Few trades for Dubai HMS 1 reported last week and it is now being offered at around USD 330-335/MT, CFR.
Ban on high rise construction in Karachi has been lifted - As per reports, the ban on high rise construction has been lifted today by Supreme Court after much of appeal and protests from industry participants. However, the official confirmation is awaited and likely to receive by today evening. Buildings higher than 6 stories can now be constructed as per SCBA regulations. Participants are hopeful that some activities will be generated as an aftermath of this decision however not too big movement world start in upcoming days.
Local steel prices fall PKR 2000-2500/MT W-o-W - Steel bar sales have slumped in the last three month amid slow demand due to the suspension of mega construction projects. This has resulted in a fall in sales forecast for upcoming days too. Amreli Steel in Karachi has observed fall of around 10% M-o-M in its sales and supply remained to higher side than demand, the first the time since last year.
In Punjab region, deformed rebar assessed in the range PKR 97,000-99,000/MT, ex-works varying on quality and thickness. In Sindh region price assessed at PKR 99,000-100,000/MT, ex-works. Deformed premium G-60 rebar prices heard in the range PKR 104,000-105,000/MT, ex-Karachi inclusive of taxes.
Ship breaking market remains on the sidelines - According to reports, Gadani market remains on the sidelines with no competitive offers and interest shown. Local ship plate prices declined to PKR 74,000-74,500/MT levels down PKR 1000/MT as against the last report. While Ship breaking prices reported at USD 405/LT for dry bulk cargo, at USD 425/LT for containers and USD 415/LT for tankers.
source: SteelMint
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