This week, new import HRC offers in Pakistan have rebounded, primarily driven by improved sentiment in China amid sharp increases in HRC futures prices. However, overall trade activity has remained relatively weak. Other suppliers, including those from Japan and South Korea, have also decided to follow suit and raise their offers for Pakistani buyers.
Specifically, offers for ex-China Q235 HRC have settled at $495/mt CFR, following several deals at $462-465/mt CFR two weeks ago, while offers for Q195 HRC from mills have been voiced at $490/mt CFR. Furthermore, offers for ex-China SAE1006 HRC have been estimated at $500-505/mt CFR.
Meanwhile, according to sources, following a deal for ex-Japan SAE1006 HRC at $490/mt CFR two weeks ago, new offers have settled at $510/mt CFR this week. Besides, offers for ex-South Korea SAE1006 HRC have been estimated at $500/mt CFR and above, according to sources.
As of July 22, HRC futures at Shanghai Futures Exchange are standing at RMB 3,477/mt ($486/mt), increasing by RMB 224/mt ($31/mt) or 6.9 percent since July 16, while increasing by 2.84 percent compared to the previous trading day, July 21.
