As discussions for scrap imports have resurfaced post the New Year holiday, sources inform SteelOrbis that scrap offer prices to Pakistan from the EU and UK have ticked down.
On December 27, SteelOrbis reported that offers for containerized shredded (shredded 211) scrap from the EU and UK to Pakistan remained stable week-on-week at $325-330/mt CFR on end-of-year market conditions and the global scrap trend. At the time, a source noted the possibility for improved local steel prices in Pakistan, but the market scenario is reportedly uncertain as many mills and furnaces in the country remain closed. Additionally, construction projects and companies are reportedly in the midst of end of year audits, which may further delay scrap import purchases. Today, sources inform SteelOrbis that offers dipped down $5/mt from the bottom of the previous range to $320-330/mt CFR. A source added that offers on HMS grades from origins such as Dubai and Africa are also softening on market uncertainty as the year begins, but a specific range was not provided at the time of publication.