This week, new offers for imported HRC have kept fluctuating in Pakistan, mainly given the uncertainty over the Chinese futures price trend and the continuous fluctuations in their offers to Pakistani buyers. At the same time, although some recovery has been reported in HRC futures prices in China this week, most Pakistani customers remain more negative than positive, bidding at lower levels.
Specifically, offers for ex-China SAE1006 from mills have been voiced in Pakistan at $560/mt CFR for July-August shipment, against $555/mt CFR two weeks ago. However, according to sources, sellers are still ready to accept $550/mt CFR given firm bids from buyers.
Meanwhile, offers for ex-China SS400 HRC have been estimated at $530-535/mt CFR, though buyers said that most of the offers are subject to reconfirmation. “Customers are not ready to pay more. Some price ideas are at $525/mt CFR, while others expect to buy not higher than $530/mt CFR,” a Pakistani trader said. According to sources, last week several deals for ex-China Q235 HRC are reported to have been signed at $531-534/mt CFR, while a deal for Q195 HRC was signed at $530/mt CFR.
As of July 3, HRC futures at the Shanghai Futures Exchange are standing at RMB 3,809/mt ($534/mt), increasing by RMB 56/mt ($8/mt) or 1.5 percent since June 26, while up 1.2 percent compared to the previous trading day, July 2, according to SteelOrbis data.
At the same time, other suppliers have been less active in Pakistan during past weeks, though offers for ex-Japan SAE1006 HRC have been voiced at $570/mt CFR for August shipment, down by $5/mt over the past two weeks.
