The main foreign HRC suppliers to Pakistan, like those from Japan, Taiwan and South Korea, have revised their offers in order to obtain orders, though most of them have failed to conclude new bookings so far considering the bearish sentiments among Pakistani customers given the sharp fall in Chinese offer prices. Thus, most Pakistani buyers of HRC have preferred to take their time to evaluate current developments.
Accordingly, Chinese traders have returned from the holiday with lower offers for most of their main customers, including Pakistan. In particular, offers for ex-China SS400 HRC have been voiced at $570-580/mt CFR Karachi, down by $20/mt over the past two weeks, while offers for SAE1006 HRC have settled at $590-600/mt CFR, compared to $610-620/mt CFR two weeks ago.
In the meantime, ex-Japan offers for SAE1006 HRC have been heard at mainly $600/mt CFR, and some at even $590/mt CFR, compared to $630/mt CFR two weeks ago. Furthermore, suppliers from South Korea and Taiwan have been offering their HRC at $600/mt CFR, down by $20/mt week on week, though customers’ bids have been reported at $580/mt CFR. “Most customers have decided to refuse any purchases at $600/mt CFR, waiting for more discounts,” a Pakistani mill’s representative told SteelOrbis.