Import hot rolled coil (HRC) prices have increased recently in Pakistan amid a more optimistic mood among the main suppliers, primarily based on some recovery seen in Chinese futures prices over the past two weeks. However, trade activity in Pakistan has remained limited considering the issue of letters of credit (LCs) and still weak end-user demand, with only occasional deals reported to have been signed with additional discounts.
More specifically, most offers for ex-China SS400 HRC have been reported at around $565-570/mt CFR, up by $10-15/mt over the past two weeks, while offers for ex-China SAE1006 HRC have been heard at $585-590/mt CFR, versus $570-575/mt CFR two weeks ago.
At the same time, according to Pakistani buyers, after a deal for around 20,000 mt of ex-Japan SAE1006 HRC was reported to have been signed at $570-575/mt CFR last week, new ex-Japan HRC offers have been assessed at $580-585/mt CFR. Besides, offers from Vietnam have been heard at $590/mt CFR, while rare offers for ex-Taiwan HRC have been voiced at as high as $590-600/mt CFR, according to sources.