Following the recent drop in ex-China HRC prices in deals from traders to Vietnam, this week Chinese traders have started to offer and sell HRC position cargoes to Pakistan as well. Specifically, SteelOrbis has learned of fresh bookings for Chinese SS400 HRC at $900/mt CFR Karachi. Besides, another position cargo for around 3,000/mt was sold to Pakistan at $875-885/mt CFR.
In the meantime, while Pakistani pipe makers accept lower-priced SS400 HRC from China, those re-rollers who import SAE1006 HRC have managed to obtain lower prices as well. Accordingly, ex-Japan HRC has been traded to Pakistan at $1,000-1,020/mt CFR, down by $20/mt over the past week. At the beginning of the current week, offers for ex-China SAE1006 HRC were voiced at around $985/mt CFR, following a deal for 10,000 mt sold at $985/mt CFR. However, by the end of the week, new offers for ex-China coils have dropped to around $960/mt CFR, according to market insiders. Meanwhile, no offers from Indonesia have been coming to Pakistan for one month now.
