The price of shredded steel scrap into Pakistan and India fell on Friday August 6 having moved progressively lower across the working week, sources told Fastmarkets.
Pakistan
Fastmarkets calculated its weekly
steel scrap, shredded, index, import, cfr Port Qasim, Pakistan at $530.64 per tonne on Friday, down from $544.77 per tonne one week earlier.
Offers and deals were reported during the first half of the week at $540-545 per tonne, but had reached as low as $525-530 per tonne by Friday.
"Pakistan customers are holding back and traders have been adjusting their prices to generate customer interest," a trader said.
"We are expecting another drop of $5 per tonne next week. Unless Turkey scrap [prices]...