The situation in Pakistan’s import scrap market has shown no big change over the past week, considering that floods and related problems still exist. According to market insiders, most steel mills have been closed, while for the last 15 days roads and the railway network have been bloсked. Besides, Pakistani scrap customers are stuck with imported lots and are trying to release the cargoes without delay.
“Stocks are piled-up and people are selling with no price just to meet day to day expenses,” a market insider told SteelOrbis.
Meanwhile, offers for ex-UK/EU shredded scrap in containers have been heard at $460-465/mt CFR, compared to $475/mt CFR at the beginning of the week, and down by $20-25/mt week on week. “We hope that maybe from next week roads and the railway network will be slowly restored, which will help to resume some trade,” a Pakistani trader said.
