Following new drops in HRC futures prices in China, which worsened sentiments among market players, offers for ex-China HRC in Pakistan have declined slightly over the past two week. However, trade activity has remained weak, given extremely slow demand in the country coupled with uncertainty over the future price trend.
More specifically, offers for ex-China SS400 HRC have been estimated this week at $505mt CFR mainly for end-January shipment, down by $5/mt over the past two weeks, with a few deals reported to have been done at the abovementioned level. Besides, offers for ex-China Q195 HRC have settled at $500/mt CFR, versus $508/mt CFR reported two weeks ago. Meanwhile, offers for ex-China SAE1006 HRC have been voiced at $520-525/mt CFR, against $525-530/mt CFR two week ago.
The decline has been caused by declines of HRC futures prices in China, which by December 18 have decreased by RMB 111/mt ($15/mt) or 3.1 percent since December 11, reaching RMB 3,450/mt ($480/mt), and down 1.2 percent compared to the previous trading day, December 17.
Meanwhile, indicative offers for ex-Japan and ex-Taiwan SAE1006 HRC have been estimated at $540/mt CFR, against $530-540/mt CFR two weeks ago.
