On July 17, SteelOrbis reported that scrap import prices into Pakistan had decreased on containerized shredded scrap from offers at $375-385/mt CFR Pakistan on July 10 to deals likely possible as low as $360/mt CFR Pakistan. The offered range was estimated at about $370-375/mt CFR Pakistan, a decline of $5/mt from the bottom of the previous range and $10/mt from the top of the same range week-on-week.
Sources inform SteelOrbis that scrap offers on containerized shred from the EU and UK are presently at $355-360/mt. CFR Pakistan. Compared to July 17, offer prices have declined $15/mt. The decline in import prices is attributed to the softer Turkish import scrap prices as well as a fall in Indian domestic scrap prices. Due to the market uncertainty and more attractive domestic prices, Indian mills have been opting for domestic scrap. The latest domestic price correction will continue making imported scrap less attractive to mills.