Even though bearish sentiments prevail among players in the global hot rolled coil (HRC) market, Pakistani importers have not stopped their active restocking. The main support comes from the finished steel segment. According to sources, since the Covid-19-related restrictions have been eased, activity in the cold rolled coil (CRC) and hot dip galvanized (HDG) coil segments in Pakistan has picked up significantly. As a result, HRC suppliers to Pakistan are largely able to maintain prices at relatively high numbers in comparison with other destinations.
SteelOrbis has been informed of the most recent bookings totaling about 15,000-20,000 mt of ex-Taiwan and ex-Japan HRC at an average $555/mt CFR Karachi, which more or less corresponds to the offers voiced in the middle of September.
In the meantime, a small-volume deal of ex-China SS400 HRC has been reported at $518/mt CFR Karachi LC, with offers being settled mostly at $520-525/mt CFR. A week ago, one more ex-China SS400 HRC deal was done at $528-530/mt CFR, with the highest price attributable to prompt shipment.