Fresh HRC deal in Pakistan at lower price, buyers await further price drop

Wednesday, 27 January 2021 17:31:57 (GMT+3)   |   Istanbul
       

In line with the negative trend prevailing in the global raw material and steel markets in past weeks, Pakistani buyers have continued to push for lower hot rolled coil (HRC) prices from their foreign suppliers. Moreover, after one major Pakistani re-rollers signed a deal at a level even lower than initially voiced average bids, other customers have started to exert pressure, rejecting new offers.

Accordingly, SteelOrbis has learned that one Pakistani re-roller has recently booked 20,000 mt of ex-Taiwan SAE1006 HRC at $770/mt CFR Karachi, for April shipment. “Alongside offers from Taiwan at $800/mt CFR Karachi, Turkey offered HRC to us at $770/mt CFR. However, we rejected both offers. I think the market is not strong enough and will decline further by at least $30/mt in the coming days,” another Pakistan-based producer stated. “An overly accommodating attitude just signals bearish sentiment as regards the future market prospects. I’ve heard that Taiwanese suppliers are ready to negotiate further $10-20/mt discounts on bookings over 20,000 mt of HRC,” a trader commented.

Prior to the abovementioned deal, Pakistani re-rollers purchased at least 35,000 mt of SAE1006 HRC in the range $780-800/mt CFR in early January.

Meanwhile, ex-China SS400 HRC is currently available at $650-675/mt CFR, market sources report.


Similar articles

Singapore’s Meranti Green Steel takes step to become green HRC supplier to Europe

19 Mar | Steel News

Ex-China steel plate prices continue their downtrend

18 Mar | Flats and Slab

Local Indian HRC prices stable but discounts deepen amid political uncertainty

18 Mar | Flats and Slab

Major steel and raw material futures prices in China – March 18, 2024 

18 Mar | Longs and Billet

US HRC prices still ticking downward, prices expected to bottom this month

15 Mar | Flats and Slab

Major steel and raw material futures prices in China - March 15, 2024

15 Mar | Longs and Billet

Global View on HRC: Most global sellers still negative on prices, trade remains limited

15 Mar | Flats and Slab

HRC prices fall in all segments in Turkey, suppliers under pressure

15 Mar | Flats and Slab

Romanian flats spot prices stable as demand remains encouraging

15 Mar | Flats and Slab

Chinese domestic PPGI prices move down further

15 Mar | Flats and Slab