The long-awaited import hot rolled coil (HRC) offers for Pakistan have finally been announced. As expected, the foreign suppliers have increased their prices in line with the global trend. The new contracts are anticipated to be signed in the coming days.
Accordingly, the current SAE 1006 HRC prices from Japan and South Korea have been voiced at $495-500/mt CFR LO Karachi, up $20/mt comparing to offers in the middle of July and up more than $40/mt from the deals signed at the beginning of July. Offers for ex-Taiwan HRC have been heard at $500/mt CFR LO Karachi. Last week, Pakistani re-rollers were said to be in active negotiations with Turkish HRC suppliers, whose offers were mostly announced at $490/mt CFR. All the abovementioned HRC offers have been reported for end of September-beginning of October shipment.
“End-user consumption is gradually improving in Pakistan, and so re-rolling mills and pipe mills would not leave themselves without feedstock,” a Pakistani source said. As a result, new bookings are expected to be heard soon.