The ongoing downtrend in the global hot rolled (HRC) market has continued to force foreign suppliers to decrease their offers to Pakistan as well. However, even with the announcement of lower prices, most Pakistani buyers have been highly cautious as regards signing new deals, being quite confident of a further decrease. Thus, trading activity has been dented in Pakistan this week.
More specifically, Chinese traders have continued to offer position cargoes to Pakistan at lower levels this week. Most ex-China SS400 HRC offers from traders have been heard at $830/mt CFR, down by $45/mt over the past week. Meanwhile, ex-China offers for SAE1006 have settled at $900/mt CFR and below, compared to $920-930/mt CFR last week.
In the meantime, suppliers from Taiwan have decreased their offers for SAE1006 HRC to $950/mt CFR, down by $25/mt week on week. Suppliers from Japan, who offered their materials at $985/mt CFR last week, have been staying out of the Pakistani market this week.
