Although a bullish mood persists among all main exporters of hot rolled coil (HRC), most Pakistani buyers have continued to adopt a wait-and-see stance and have refrained from new bookings ahead of Ramadan.
Import HRC offers have inched up in Pakistan this week. Offers for ex-China SAE1006 HRC have been heard at around $970-980/mt CFR, up by $10/mt over the past week. Besides, according to market insiders, a deal for around 10,000 mt of ex-China SAE1006 has been signed at $970/mt CFR this week. Ex-China SS400 HRC offers from mills have been voiced at $935-940/mt CFR, compared to $910/mt CFR last week. Meanwhile, some offers from Chinese traders for SS400 HRC have still been heard in Pakistan at $890/mt CFR in positions this week, but supply is limited.
In the meantime, suppliers from Japan, who sold SAE1006 HRC at around $1,000/mt CFR Pakistan last week, have increased their offers to around $1,090/mt CFR this week. Besides, offers for ex-Taiwan HRC SAE1006 have been voiced at $1,100/mt CFR, up by $70/mt over the past week. “Offers from Japan and Taiwan are very high, but Pakistani buyers are expecting that mills will consider lower prices at $1,020-1,030/mt CFR. However, most bids are still at $1,000/mt CFR,” a market insider told SteelOrbis.
“Working hours are likely to be limited during Ramadan from next week, which may keep steel trade subdued,” a market source stated.
