Most Pakistani buyers have continued to adopt a wait-and-see stance and have refrained from new bookings while most foreign suppliers kept decreasing their prices.
Accordingly, Chinese traders have continued to offer HRC position cargoes to Pakistan at lower levels this week. Most ex-China SS400 HRC offers from traders have been heard at $875/mt CFR, down by $10/mt on the higher end of the range over the past week. Several big Chinese mills, however, are still offering SS400 coils at around $890/mt CFR for June shipment. Meanwhile, ex-China offers for SAE1006 HRC have settled at around $920-930/mt CFR, down by $30-40/mt week on week. “The Chinese market is stuck with crude steel control plans and bad logistic conditions. So, exports to Pakistan are likely to be affected,” an international trader told SteelOrbis.
In the meantime, suppliers from Japan have decreased their offers for SAE1006 HRC to $985/mt CFR, down by $15/mt week on week, while offers for ex-Taiwan coils have been voiced at $975/mt CFR, down by $25/mt over the past week. “Business activity is still very limited as most buyers are expecting that mills will consider lower prices,” a market insider said.
