According to Mining News Pro -In recent reports, SteelMint has assessed that the exchange rate of the PKR against the USD remains high at 133-134. Prices continue to fluctuate in the local steel market. Consumers are still not completely ready to get back into the buying business. Sales at Gadani have been suffering since the recent fire has also added to the misery of the workers at Gadani. Even though the global steel market prices have shown greater stability, local market participants are in doubt as to what the future of ship-breaking at Gadani will be amidst such confusion and protests by the workers.
Market prices show greater stability this week - According to sources, prices for tankers have been gauged at USD 440-445/LDT, showing greater stability. Similarly, the rates for general bulk cargoes have been assessed at USD 430-440/LDT. As no new containers have been reported, the price remains constant at around USD 450-460/LDT.
International scrap prices remains firm this week - According to sources, Imported Shredded scrap from the UK has been assessed at a constant USD 357-360/MT,CFR However, most of the yards are not ready offer Shredded below USD 360/MT,CFR Qasim. Recently HMS 1 scrap from Dubai has been traded in containers comprising around 4000 MT at a lower rate of USD 335/MT from last week’s prices of USD 342-347/MT,CFR. Pakistan imported scrap market seems stable with improving local finish steel activities.
Rebar prices remain stable in the local steel market - According to recent reports, rebar prices have stayed at a stable PKR 103,000-104,000/MT (USD 772-779/MT) in Punjab this week, ex-works, varying by quality and thickness. In Sindh, rebar prices have been observed at a higher rate of PKR 104,000-106,000/MT (USD 779-794/MT). The average prices for domestic billet (Bala) have been reported at PKR 80,000-81,000/MT (USD 599-607/MT), ex-works. 60 CC billet rates have been gauged at around PKR 88,000/MT (USD 659/MT).
Local Ebar prices have been reported by sources at a nearly constant rate of PKR 106,000-108,000/MT (USD 794-809/MT). Local cold twisted tor bars have been last assessed at around PKR 99,000-104,000/MT (USD 742-780/MT), ex-works, varying by thickness and quality. Local deformed bar prices for larger mills have been reported at PKR 105,000-106,000/MT (USD 787-794/MT), tax inclusive, varying by province.
Local HMS prices have been related at approximately PKR 65,500/MT (USD 489/MT). Local pure scrap prices have been gauged at an increased rate of PKR 65,000 PKR/MT (USD 487/MT), from last week’s rate of PKR 59,000-60,000/MT (USD 442-449/MT).
Since the tanker exploded recently at Gadani leaving seven workers injured, the market is afraid that it will yet again have to see lengthy closures and disruptions in the ship-breaking business.
*All prices quoted are tax inclusive
