Monitoring the situation in the global market, Pakistani customers of hot rolled coil (HRC) have preferred to take their time to evaluate current developments. As a result, foreign HRC suppliers have continued to revise their offers in order to obtain orders, though failing to conclude new bookings so far.
Accordingly, Chinese traders have continued to offer position cargoes to Pakistan at lower levels this week. Most ex-China SS400 HRC offers from traders have been heard at $780-800/mt CFR, compared to $830/mt CFR two weeks ago. Meanwhile, ex-China offers for SAE1006 HRC have settled at around $830/mt CFR, down by $70/mt over the past two weeks.
In the meantime, suppliers from Taiwan have decreased their offers for SAE1006 HRC to $890/mt CFR, down by $60/mt over the past two weeks, while the most recent offers from South Korea have been heard at $885/mt CFR. “Ex-South Korea and Taiwan HRC suppliers have failed to attract any deals with Pakistani re-rollers so far, as the latter will hardly buy their material at above $880/mt CFR,” a market insider told SteelOrbis.
