Although import hot rolled coil (HRC) prices have continued to decrease this week and a more pessimistic mood persists among all main suppliers, trade activity in Pakistan has remained limited as most buyers have been insisting on more discounts.
Accordingly, this week, offers for ex-China SS400 HRC have been voiced at $550-560/mt CFR, down by $5/mt on the lower end of the range week on week, while some offers for Chinese Q195 HRC have been heard at $545/mt CFR. Offers for ex-China SAE1006 HRC have dropped to $570-575/mt CFR, versus $575-585/mt CFR last week.
At the same time, other suppliers have also decided to go lower this week, with offers for ex-Japan SAE1006 HRC reported at $585-590/mt CFR for end of July-beginning of August shipment, compared to $610-620/mt CFR last week. “No deals have been heard as Japan is still negotiating,” a representative of a Pakistani mill said. Meanwhile, offers for ex-Taiwan SAE1006 HRC have settled at $580/mt CFR, down by $30/mt over the past week. According to sources, a deal for ex-Taiwan material havs been signed at $560/mt CFR Pakistan, though this information has not been confirmed by the time of publication. “It looks possible to me because customers are looking for $550/mt CFR, but if they bought at $560/mt CFR that’s a very good price,” an international trader told SteelOrbis.