A container ship sank in the Strait of Hormuz on 13 October. The Singapore-flagged GFS Pride caught fire after sustaining damage. At least 221 containers of steel scrap bound for Pakistan went down with it. All 21 crew members escaped safely. Singapore's maritime authority reported a projectile strike, while Iran said the ship hit a naval mine. Pakistan depends heavily on imported scrap, so traders now expect higher freight & insurance costs. Surplus material could push United Arab Emirates scrap prices lower.