On March 7, SteelOrbis reported containerized shredded scrap offers to Pakistan from Europe and the UK on an upward trend at $397-403/mt CFR Pakistan.
Sources inform SteelOrbis that high global scrap prices in the midst of global market uncertainty caused Pakistani buyers to withdraw from scrap imports. The limited import interest has dropped offer prices to $390-$395/mt CFR Pakistan. Prices decreased by $7/mt from the bottom of the previous range and $8/mt from the top of the same range. A source noted that the correction in scrap prices was also in line with reduced Chinese HRC export prices as well as some downturn in the domestic Indian billet and DRI prices that “eventually place pressure on regional domestic prices.” A source noted common market knowledge that Indian HRC export offers to Nepal and Bangladesh have already “declined by $10-15/mt” compared to several weeks ago.”