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02 Jun

Pakistan imported scrap softens amid slowed demand

Limited offtake of finished steel coupled with difficulties in getting letters of credit have slashed imported scrap intake in Pakistan. Very few buyers are able to open LCs, with the average processing time for opening now increasing to 15-18 days, sources tell Kallanish. Quotes for UK- and EU-origin shredded dropped to $437-438/tonne cfr Port Qasim on Friday from $440-442/t cfr Port Qasim Monday through Wednesday. A few thousand tonnes were booked at $440-442/t …
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