Following the recent deals done at $560-565/mt CFR Karachi within the two past weeks, foreign suppliers of hot rolled coil (HRC) to Pakistan have continued to test the market with offers at higher prices. Moreover, some of them have again succeeded in achieving higher prices in deals.
SteelOrbis has been informed of the most recent booking for 10,000 mt of ex-Taiwan SAE 1006 HRC at $570/mt CFR, for November shipment, done by a Pakistani re-roller. “If all suppliers are quoting more or less at the same level, there is no option to wait or negotiate: re-rollers have to buy in order to run their mills,” a Pakistani source stated commenting on the situation, emphasizing that customers in Pakistan are now accepting the highest level in the market. According to market insiders, very few SAE 1006 HRC offers are currently below $570/mt CFR.
Meanwhile, ex-China SS400 HRC offers have been settled at $530-535/mt CFR, while no deals have been reported by the time of publication.