On March 14, SteelOrbis reported containerized shredded scrap offers to Pakistan from Europe and the UK dropped to $390-$395/mt CFR Pakistan. As uncertainty plagued the global market largely due to US Section 232 tensions and trade concerns, import prices on ex-EU containerized shredded scrap dipped to $380-385/mt CFR Pakistan.
Sources inform SteelOrbis that with stronger Chinese export prices on finished steel, higher billet prices in the region, and tight scrap supply, ex-EU offers this week have increased to $390/mt CFR Pakistan. Scrap importers are reportedly active as “some stability has returned to the market.” A source added, “Scrap prices seem to have hit bottom and should remain stable at this higher prices. When regional offers ex-India on billet and rebar rise, they reinforce the already positive momentum in Pakistan, therefore, the sentiment supports scrap import activity and prices.”