Pakistan: Steel Mills Raise Rebar Offers Following Imported Scrap Price Hike
SteelMint learnt in recent conversations with market participants that Pakistan based steel mills have raised rebar offers this week by around PKR 1000/MT (USD 6) following hike in imported scrap prices. The imported scrap offers to Pakistan has continued to inch up over the last week following the rising global trend in recent bookings to Turkey. However, buying activities have been quite slow at high offers with few low quantity bookings getting concluded to maintain inventories. The domestic market is still facing slow demand on issues like cash flow and delayed projects.
SteelMint’s assessment for containerized Shredded 211 scrap from UK/Europe stands at USD 272-275/MT, CFR Qasim, up by USD 7-9/MT against offers in beginning of last week while inching up by USD 2-3/MT against closing of last week. Yesterday, two Punjab based steelmakers booked Shredded scrap at USD 274/MT and USD 270/MT CFR from UK and East Europe based yards, respectively.
The market has remained cautious for making larger bookings, while few major European suppliers remained away from offering to Pakistan on low availability of material. A further increase in prices cannot be ruled out after further hike at global levels and tight supply.
Offers for imported HMS scrap showed little upward movement from last week with UAE origin HMS 1 (super) now being traded in the range of USD 263-265/MT CFR, with a slight improvement in trades being witnessed. Few offers for European HMS 1&2 (80:20) were heard at USD 250/MT CFR.
Domestic Rebar prices increase - Although the demand for finished steel in the country is yet to observe any significant improvement with lack of funds for govt projects and other credit and cash flow issues keeping construction activities slow, however, the finished steel prices have witnessed a slight hike due to a sharp rise in global scrap prices. Few steelmakers were even heard holding their Billet sales at current prices until their fresh offers are announced later this week.
In the northern region, rebar average selling prices were reported at around PKR 109,000-110,000/MT, ex-works (USD 697 - 704), rising by PKR 1000/MT on a weekly basis, while Southern (Karachi region) steel mills have increased their offers to PKR 110-111,000/MT (USD 704 - 710) ex-works. Deformed G-60 bar offers from a major mill is heard around PKR 113,000/MT ex-works. Local scrap eq to shredded saw a slight improvement, currently standing at PKR 63,000/MT (USD 403) ex-works.
source: SteelMint
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