The uncertainty regarding further price trend among global scrap suppliers has led to the decrease of scrap offers in Pakistan this week.
Accordingly, new offers for shredded scrap of European origin in containers in Pakistan have been mostly voiced at $318-320/mt CFR compared to prevailing $325-330/mt CFR last week. SteelOrbis has been informed of a 2,500 mt ex-UK cargo booked in the middle of the previous week at $324/mt CFR. According to some sources, local traders have also revised their prices downwards to PKR 68,000-69,000/mt ex-warehouse versus PKR 70,000/mt ex-warehouse last week. “Finally, business activity in Pakistan is increasing after the monsoon season, but rates remain depressed locally”, a Pakistani trader commented.