On December 4, SteelOrbis reported that offers for containerized shredded (shredded 211) scrap from the EU and UK to Pakistan ticked up $5/mt over the previous week to $337-345/mt CFR. A source noted it as an attempt to increase import prices as global domestic scrap trades were still under negotiations in various countries.
Sources report that after sideways and down trends in regions dependent on export such as the EU and US, imported shredded scrap offers to Pakistan have since ticked down to $330-340/mt CFR, down $7/mt from the bottom of the previous range and $5/mt from the top of the same range.
A source also noted softness in domestic steel prices on uncertainty for late-December and early-January sentiment. Lower domestic prices are expected to place downward pressure on import scrap negotiations.