HRC trade in Pakistan has remained slow this week, with prices have remained at relatively stable levels as compared to two weeks ago, though with a slight downward bias in some offers for ex-China HRC. Other suppliers like those from Japan and Taiwan have maintained their offers unchanged, with only occasional deals heard.
More specifically, offers for ex-China SS400 and Q235B HRC have been voiced at $550/mt CFR for July shipment, mainly the same as last week, but down by $5/mt over the past two weeks. Offers for Q195 HRC have been heard at $547/mt CFR for June shipment, while prices for ex-China SAE1006 for June shipment have settled at $565/mt CFR, with most bids voiced at $560/mt CFR.
“With futures prices going down in China, Pakistani customers’ price ideas have been decreasing as well, though we don’t think there will be discounts bigger than $5-10/mt in the short run,” a market insider told SteelOrbis. In particular, as of May 15, HRC futures at the Shanghai Futures Exchange are standing at RMB 3,774/mt ($531.5/mt), decreasing by RMB 34/mt ($4.8/mt) or 0.9 percent since May 8, while down 0.4 percent compared to the previous trading day, May 14, according to SteelOrbis data.
Meanwhile, offers from suppliers from Japan and Taiwan have been estimated at $580/mt CFR, the same level as reported during previous weeks, with a few occasional deals reported at the abovementioned level.
