New offers for shredded scrap have increased again in Pakistan over the past two weeks. Meanwhile, trade activity has been limited in the country considering the still weak finished steel sales during Ramadan, along with the political turmoil due to the change of government in Pakistan.
Accordingly, after shredded 211 scrap of UK and European origin in containers was sold two weeks ago at $640-645/mt CFR, while new deals for around 7,000-8,000 mt in total were reported at $655-660/mt CFR at the end of last week. However, new offers are standing at $660-665/mt CFR, up by $5-10/mt over the past two weeks. Meanwhile, offers for ex-UAE HMS I scrap have been voiced at $605-610/mt CFR, compared to $615-620/mt CFR two weeks ago. No deals have been reported so far.
“The uncertain political situation in Pakistan is affecting raw materials and the steel trade. We hope things will settle down and that business will revive soon,” a market insider told SteelOrbis.