As expected, with bearish sentiments in the global steel and raw material markets mounting lately, Pakistani hot rolled coil (HRC) buyers have continued to seek lower prices in negotiations with foreign suppliers.
Specifically, SteelOrbis has learned of fresh bookings for Chinese SS400 HRC at $525/mt CFR this week, down by $20/mt week on week. Meanwhile, most offers for ex-China SS400 HRC have been voiced at $525-535/mt CFR, compared to $545/mt CFR at the end of last week. Furthermore, after a deal for around 5,000/mt of ex-China SAE1006 HRC was reported at $560-562/mt CFR last week, new offers from Chinese traders have been voiced at around $545/mt CFR.
In the meantime, according to market insiders, new deals for ex-Japan and ex-Taiwan SAE1006 HRC have been discussed in the market at $550/mt CFR, down by $10-15/mt week on week, though this information has not been confirmed by the time of publication.
