Ex-China HRC offers in Pakistan have edged down slightly over the past two weeks, following a decline in HRC futures prices in China, which has further dampened market sentiment. Offers from other origins, including Japan and Taiwan, have also seen similar declines. At the same time, despite the softer offers, trade activity remains subdued amid sluggish domestic demand and continued uncertainty over future price trends, prompting most buyers to lower their bids.
More specifically, offers for ex-China SS400/Q235 HRC have been estimated this week at $470-475/mt CFR mainly for June shipment, down by $10/mt over the past two weeks. Besides, offers for ex-China Q195 HRC have settled at $465-470/mt CFR, versus $470/mt CFR reported two weeks ago. According to sources, several deals for small tonnages for ex-China Q195 HRC have been signed at $465/mt CFR level for end-of-June shipment. Meanwhile, offers for ex-China SAE1006 HRC have been estimated at $485-490/mt CFR, down by $10-15/mt over the past two weeks.
Meanwhile, indicative offers for ex-Japan and ex-Taiwan SAE1006 HRC have been estimated at $500-510/mt CFR, against $520/mt CFR two weeks ago. However, according to sources, tradable prices have been assessed at $495-500/mt CFR levels.
As of April 16, HRC futures at Shanghai Futures Exchange are standing at RMB 3,205/mt ($444.5/mt), decreasing by RMB 147/mt ($20/mt) or 4.3 percent since April 2, while down 1.05 percent compared to the previous trading day, April 15.