The ongoing uptrend in the global scrap market combined with tightened supply in the domestic market has continued to cause serious concerns among Pakistani scrap customers. “Things look tight with substantial demand but short supply,” a Pakistani source stated, commenting on the current situation. “Pakistani mills do not manage to reflect increased costs in prices for finished steel as promptly as scrap prices change,” echoed another source.
According to Pakistani importers, current offers for shredded 211 scrap of European origin in containers to Pakistan have surged to $340-342/mt CFR Qasim, up by $12-15/mt within the past week. Meanwhile, buyers are said to be bidding mostly at $335-338/mt CFR.