Import hot rolled coil (HRC) activity has increased in Pakistan recently as customers have decided to replenish stocks.
Accordingly, this week Pakistan’s pipe manufacturers and stockists have purchased a total of 40,000 mt of SAE 1006 HRC from South Korea at $425/mt CFR LO, SteelOrbis has learned. Additionally, about 30,000 mt of ex-Japan HRC were booked at the same price in the previous week. The previous cargoes of HRC of the abovementioned origins were booked at $5-15/mt lower in the second half of May. Though sentiment in the end-use sector in Pakistan is still not positive, some additional HRC purchases are expected in the very near future.
“The market is gradually recovering, however, at a slow pace. Cash flow issues are still an urgent matter”, one Pakistani re-roller said.