Most Pakistani scrap customers have left the market this week amid the Eid holiday in the country, having refreshed their stocks before the holiday. Meanwhile, most foreign scrap suppliers have continued to decrease their prices to Pakistan.
Accordingly, a few bookings for ex-UK shredded scrap were reported at the end of last week before the Eid holiday at around $590-595/mt CFR, down by $5-10/mt week on week. Meanwhile, this week new offers for shredded 211 scrap of UK and European origin in containers to Pakistan have been heard at $580-585/mt CFR. Furthermore, ex-US shredded scrap is said to be available at around $580/mt CFR and below, down by $35/mt week on week, and, according to market insiders, a deal for ex-US material was signed at $580/mt CFR at the end of last week.
“We saw that scrap offers have dropped significantly but all businesses are closed due to the Eid holiday and will resume their work from Monday, May 9. We do not exclude that prices will drop to $550/mt CFR levels,” a Pakistan-based trader told SteelOrbis.