On May 14, SteelOrbis reported that offers for containerized shredded (shredded 211) scrap from the EU and UK to Pakistan were at $324-330/mt CFR.
Sources inform SteelOrbis that due to the reduction in US tariffs on Turkish finished steel, which may result in increased production levels, global scrap prices have started to increase. The latest ex-US scrap deal in Turkey on shredded scrap increased $16-20/mt compared to the most recent deals reported on May 17 to now garner $315/mt CFR.
Shredded scrap offers from the EU and UK in Pakistan are now reportedly at $328-335/mt CFR, up $4/mt from the bottom of the previous range and $5/mt from the top of the same range.
A source noted some buying caution exists in the Pakistan market due to local currency devaluation, but regardless of the activity level, import scrap prices may increase rapidly if Turkish activity ramps up, causing global scrap supply tightness.