Imported Scrap Offers to Pakistan Up Marginally; Steel Prices Range Bound
Imported scrap offers to Pakistan inched up marginally this week by upto USD 5/MT W-o-W. Following global uptrend, offers to Pakistan have increased.
SteelMint’s assessment for containerized shredded 211 scraps from UK/Europe marginally increased around USD 312-315/MT, CFR Qasim, up by around USD 2-5/MT against last week.
UAE origin HMS 1 offers remain in the range of USD 285/MT, while no major HMS offers from other origins were reported.
Domestic steel prices remain range-bound- The domestic market remains stable as an ongoing winter season. This has resulted in as low demand for the high scrap purchase price, steelmakers expected that price will move up in the new year from Jan’20. Bala billet offers slightly increased in the market.
Finished steel prices have remained stable for another week, however many steelmakers remained silent on month closing.
In the northern region, rebar’s average offer prices were reported at around PKR 104,000-105,000/MT, ex-works (USD 671-678), while southern (Karachi region) steel mills are offering at PKR 105-106,000/MT (USD 678-684) ex-works.
source: SteelMint
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