Pakistani hot rolled coil (HRC) customers have been maintaining a highly cautious stance towards new bookings for quite a long period, thereby increasing the pressure on foreign suppliers. Although the major HRC suppliers have mostly remained steadfast, a Pakistani customer has succeeded in booking material at its targeted price.
Accordingly, SteelOrbis has learned of a booking for 28,000 mt of ex-Indonesia HRC, for shipment in February, concluded by a major Pakistan-based flats producer at $800/mt CFR Karachi. This is $20/mt lower compared to the price in the previous deal for ex-Taiwan HRC. Information about import HRC offers at $785/mt CFR has been discussed in the market, though there has been no confirmation and no indication with regard to the origin of the material by the time of publication, and so this level most likely reflects the new desirable prices of customers rather than offers voiced by any supplier.