On October 17, SteelOrbis reported that offers for containerized shredded (shredded 211) scrap from the EU and UK to Pakistan were reportedly at $355-360/mt CFR.
According to sources, offer prices are firming up within the $355-360/mt CFR range on global factors but import buying activity into Pakistan has become subdued on weaker domestic demand and a slight decline in domestic steel prices. The source added that while offers remain rangebound, bids are ticking down, possibly placing downward pressure for transactions later in November. The source also commented on domestic concern of increased inflation as the PKR continues to devalued against the dollar. On January 1, 2018 the exchange rate against the USD was 110.45 but increased to 115.72 by April 1 and is at 132.66 as of October 31.