Daily Market Note — 2026-11-03

Market commentary on the global ferrous scrap trade. Not trading advice.

The read

No new Pakistan scrap price today: the reference level is the last weekly print, which was marginally lower, and the next one is due Friday. The CFR Port Qasim shredded price (Fastmarkets MB-STE-0887) was 414.79 USD per tonne for 30 October, down 0.56 (−0.13%) from 415.35 on 23 October, so it stays inside the 410–417 band of recent weeks. BigMint lists a 2 November assessment for Europe-origin containerised shredded scrap into Qasim but does not show the number publicly, and its last visible domestic Punjab shredded entry (27 October) is labelled weak. A gated or absent print is a data gap, not evidence that prices held. The one clearly new input today is cheaper diesel in Pakistan.

Key moves

• Pakistan reference price — 414.79 USD per tonne (30 October), inside the recent band; the next datapoint is the Friday 6 November print.
• Pakistani fuel — Dawn reported on 2–3 November that high-speed diesel was cut to PKR 395.20 a litre from 402.96 (−7.76, about 1.9%) and petrol to 374.51 (−3.40), effective 3 November. That is a haulage input; it does not automatically lower contracted trucking charges.
• Oil — ICE front-month Brent was about 104.77 USD a barrel on 2 November, against 113.43 at the close of 30 October.
• Gulf navigation — active US NGA warnings remain 19, so that gauge shows no added Gulf risk.
• Currency — USD/PKR was about 277.10 in our 2 November feed; no verified 3 November interbank close was available this morning.

Freight and shipping

Business Recorder reported on 3 November that Karachi-area goods transporters want permanent truck and container parking near Karachi Port and Port Qasim, saying a lack of facilities disrupts traffic. Its separate Port Qasim operations report, published 3 November, covers 1–2 November rather than 3 November: 112,584 tonnes handled in the reported 24-hour period, with nine vessels at berths and 22 at outer anchorage. Those are report-period figures, not a live count. Truck waiting time can erode the benefit of cheaper diesel. No current carrier rate to Qasim was verified. Scrap into Pakistan moves in 20-foot containers at about 25 tonnes, so any Pakistan freight comparison should use that box.

Supplier markets

• EU — the regime restricting non-hazardous waste exports to non-OECD destinations generally applies from 21 May 2027. The Bureau of International Recycling (13 October) said a final authorised-country list was expected on 21 November; no final list has been verified. The Commission’s September draft does not propose Pakistan for metal waste. This is a medium-term sourcing risk, not a current ban.
• Alternative origins — non-EU origins such as the UK, Canada, the United States and Turkiye are being compared with EU-origin material; each needs its own export, Basel and destination-import review.
• UAE — whether Dubai’s scrap-export restrictions remain in force was not re-confirmed; check with Dubai Customs.

Non-ferrous snapshot

Official LME cash prices (Westmetall) for Monday 2 November, USD per tonne: copper 14,380, aluminium 3,095 and zinc 3,935, each above its three-month price (backwardation of 138, 35 and 74). Metals.dev’s LME-linked feed on 3 November shows copper 14,242, aluminium 3,060, zinc 3,861, nickel 15,500 and lead 1,902; these are feed readings on a different basis, not settlements. No same-basis 3 November set was verified. Exchange prices are references, not scrap prices; scrap pays by assay, recovery and the contractual fixing date.

Glossary

• CFR — cost and freight: the seller pays ocean freight to the destination port; the buyer carries insurance and transit risk.
• CFR Port Qasim shredded price (MB-STE-0887) — the Fastmarkets index for shredded scrap delivered to Port Qasim, Pakistan’s main deep-water import terminal near Karachi; published weekly on Fridays.
• HSD — high-speed diesel, the main road-haulage fuel in Pakistan.
• Backwardation — spot or cash trading above the three-month price, often a sign of tight nearby supply.
• NGA navigation warnings — active maritime warnings published by the US National Geospatial-Intelligence Agency, used here as a rough gauge of Gulf shipping risk.