Sources inform SteelOrbis that ex-EU, including ex-UK, scrap import prices to Pakistan have encountered a slight rebound this week.
Since early May, ex-EU shredded scrap import prices to Pakistan began a downtrend from around $390/mt CFR to $360-365/mt CFR Pakistan in late May. In early June, prices were reportedly at $370/mt CFR. As of June 12, sources inform SteelOrbis that offers have increased by $5-10/mt and are presently at $375-380/mt CFR.
A source noted that Pakistan has faced a consistent currency depreciation since late 2017. On December 6, the USD to PKR rate was 105.25, by December 23 the rate increased to PKR 110.67, and by March 27 the rate increased to PKR 115.39. The exchange rate remained stable through April and May, but as of June 12 the rate has increased to PKR 116.19. The potential added volatility in the exchange rate that may see further devaluation has reportedly also influenced the increase in scrap import prices to Pakistan this week.