Import hot rolled coils (HRC) offers in Pakistan have continued to increase during the past week following the uptrend in the global market. Fearing that prices will keep going up further, local re-rollers have decided to replenish their stocks despite the persisting uncertainty in the consuming sectors.
Accordingly, a further $5/mt increase for SAE 1006 HR coils from South Korea and Japan over the past week to $420-430/mt CFR LO Karachi has forced Pakistan’s customers to start negotiations which resulted in deals afterwards. About 60,000 mt of HRC of the abovementioned origin for July shipment have been booked into Pakistan recently at $410-420/mt CFR LO, SteelOrbis has learned. “The auto sector in Pakistan is allowed to operate, so hopefully after the Eid holidays things will start improving. It remains to be seen”, one of the suppliers to Pakistan stated.