On September 25, SteelOrbis reported that scrap offers on containerized shredded scrap to Pakistan from the EU and UK were trending up to $360-370/mt CFR. The move was in line with the global trend.
Sources inform SteelOrbis that offers are stable but sellers are suggesting that prices will likely firm up through the month on global trend.
Buyers in Pakistan are reportedly buying imported shredded scrap on a limited basis on concerns about investment directions by the government due to recent statements about China’s Belt and Road Initiative (BRI) project by the Prime Minister Imran Khan. Khan has voiced concerns about the estimated costs of projects and financing terms from China. He has spoken against rising debt levels and the need for the country to decrease foreign loans. The administration sought to review all contracts with China regarding the BRI, but Beijing only allowed review and discussion on projects not yet started. It is reported that discussions with the International Monetary Fund may require spending cuts and, hence, many economic players such as steel mills “will continue cautiously to invest on the growth plan.”