On December 5, SeelOrbis reported ex-UK containerized shredded scrap offers to Pakistan at $350/mt CFR Port Qasim. Sources inform SteelOrbis that ex-UK containerized shredded scrap offers to Pakistan have increased to $353-357/mt CFR this week amid rising global scrap prices and limited availability. The increase is $3/mt from the bottom of the previous range and $7/mt from the top of the same range. Compared to mid-November, shredded scrap offers have increased $23-27/mt from $330/mt for ex-UK offers.
Ex-US scrap offers to Pakistan a month ago were at approximately $335-340/mt CFR. Those offers now are reportedly at $355-362/mt CFR. The increase over the month represents an upward trend of $20/mt from the bottom of the previous range and $22/mt from the top of the same range.
While domestic inventories for scrap are considered low in Pakistan, the increasing offer prices and currency fluctuations are limiting transactions. The exchange per dollar was at PKR 105.41 on December 7 and sharply climbed to PKR 109.48 by December 13.