Although import hot rolled coil (HRC) prices have increased recently and a more optimistic mood persists among all main suppliers, trade activity in Pakistan has remained limited considering the problems with opening letters of credit (LCs) in the country.
Accordingly, most offers for ex-China SAE1006 HRC have been reported at around $710-730/mt CFR this week, up by $10-30/mt over the past week. At the same time, offers from Chinese traders for SS400 HRC have been reported at $680-685/mt CFR, versus $670/mt CFR last week, though, according to sources, official offers from big Chinese mills have increased to around $700/mt CFR for April-May shipment.
Meanwhile, according to Pakistani buyers, Japanese origin SAE1006 HRC has been offered at $750/mt CFR Karachi, up by $20/mt over the past week, though this offer has been rejected by buyers so far. Suppliers from Taiwan and South Korea have been staying out of the Pakistani market and are expected to return with new offers at higher levels next week.
“There have been no big deals for imported materials over the past weeks as the LC opening issues still persist,” a Pakistani trader told SteelOrbis.
