05
Aug
14:34
Pakistan imported scrap offers surge on improving sentiment
Imported scrap offers in Pakistan surged $10-20/tonne on-week primarily on the back of the revaluation of the Pakistani rupee against the US dollar and increased letters of credit (LC) acceptance by the banks, Kallanish notes.
The rupee appreciated PKR 220-223/1 USD in the open market, whereas, PKR 222-223/1 USD in interbank transactions. A week before last week, LCs are opening at PKR 248/1 USD in the open market and PKR 240/1 USD in the interbank transactions.
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Anonymous
Very good overview of the weekly steel market.
Anonymous