Pakistani hot rolled coil (HRC) buyers have failed to get any discounts in negotiations with foreign suppliers, but this has not stopped them from signing new contracts.
Accordingly, Pakistani re-rollers recently booked a total of 50,000 mt of ex-Japan SAE1006 HRC at the initially announced levels of $555-560/mt CFR Karachi, LC payment. “Pakistan's steel market is good, picking up the pace. Hence, if you need feedstock, there is no other way but to accept prices,” a Pakistan-based source commented. About one week ago, a 10,000 mt cargo of ex-South Korea SAE1006 HRC was booked at $545/mt CFR Karachi, LC payment, as SteelOrbis reported earlier. Meanwhile, ex-China SS400 HRC is currently available at $535-540/mt CFR Karachi, with a few deals done at the lower end of the range, according to market sources.