Little has changed in Pakistan’s import scrap market in the past week, with sources attributing the lull to the Eid holiday. Activity is expected to pick up next week, although market sources have an opposite outlook for the price trend. In particular, some Pakistani buyers are still expecting prices to increase further as “the international scrap market is showing upward trends,” while others are counting on declines.
“Today [July 13] is the first working day after the Eid holiday but expected thunderstorms may affect the market until July 17 and from July 18 it will start to work. Considering that the international scrap market is showing an upward trend, some still forecast increases, though the majority expects import scrap prices to remain stable or even go down considering the Pakistani rupee’s appreciation, weak local demand, and the reduction of fuel prices by the government,” a Pakistani trader told SteelOrbis.
The indicative offers for shredded 211 scrap of UK and European origin in containers to Pakistan have settled at $490-495/mt CFR, the same as at the end of last week.