On November 7, SteelOrbis reported that offers for containerized shredded (shredded 211) scrap from the EU and UK to Pakistan increased to $360-365/mt CFR. The move was primarily in line with global trends as import traders were reportedly limiting buys on market uncertainty.
Sources now inform SteelOrbis that the bottom of the previous range has decreased by $5/mt to $355-365/mt CFR. A source noted that deals are limited due to weak domestic demand for finished steel and market uncertainty as global scrap prices are expected to adjust slightly downward in upcoming global benchmark deals.