Hot rolled coil (HRC) suppliers in Pakistan have continued to increase their offers on the heels of the global trend. Moreover, some of them have already succeeded in achieving higher numbers in deals. However, despite the new bookings business activity in Pakistan’s HRC import market is still rather slow due to weak demand in the downstream sector and still low local CRC and HDG prices in the country.
Chinese HRC suppliers have returned from the holiday to the Pakistani market with offers at $870-880/mt CFR, up by 50/mt over the past two weeks. One rumor was heard about a contract for Chinese HRC at $835/mt CFR Pakistan, but most sources said that this deal was signed before the holiday. “It is impossible to place any order at $835/mt CFR now,” an international trader stated. Meanwhile, some offers for ex-Indonesia HRC have been reported at $860-870/mt CFR mainly for April shipment, and a cargo for around 15,000 mt of ex-Indonesian HRC has been booked at $860/mt CFR. “Indonesia has been very active now and is the most competitive at the moment in Pakistan,” a Pakistan-based trader told SteelOrbis.
In the meantime, offers for ex-Taiwan SAE1006 HRC have been heard at $890/mt CFR, up around $65/mt over the past two weeks, while new prices for Japanese coils have increased by $50/mt to $900/mt CFR.
“Everyone expects that bullish sentiments in the global market and soaring raw material prices will force Pakistani HRC buyers to regain their appetite for feedstock, but local demand is still weak and domestic CRC and HDG prices have not been changed since December. We are waiting for local mills to increase the prices,” a market source said.
