On July 16, SteelOrbis had reported that offers for containerized shredded (shredded 211) scrap from the EU and UK to Pakistan were generally at $313-322/mt CFR.
Sources inform SteelOrbis that shredded scrap offers from the EU and UK to Pakistan are now at $314-322/mt CFR. Prices have edged up just by $1/mt from the bottom of the range but overall have remained stable compared to two weeks ago. Lately, the value of the Pakistani rupee has undergone significant change, being traded at 159.52 to the US dollar on July 16 and at 160.62 to the dollar on July 30, and some traders fear further erosion of its value during the current week. The volatility of the currency is limiting interest in purchases of import scrap at the moment.