The situation in Pakistan’s HRC import market has continued to be bearish this week given the continuous declines in ex-China prices, though buyers have kept signing only occasional deals, mainly for SS400 HRC. At the same time, other foreign suppliers like those from Japan and Taiwan have not been in a hurry to cut their offer prices for Pakistan.
Accordingly, offers for ex-China SS400 HRC have been voiced at around $510/mt CFR for September-October shipment, down by $10-15/mt week on week, while several deals have been signed at $505-507/mt CFR Karachi port. Meanwhile, offers for SAE1006 HRC from Chinese suppliers have been heard at $525-535/mt CFR for September-October shipment, versus $530-535/mt CFR last week, though buyers’ bids have been voiced at below $520/mt CFR level, according to sources.
At the same time, indicative offers for ex-Japan and ex-Taiwan SAE1006 HRC have been heard at $550/mt CFR, the same as last week. “There has been talk about an ex-Japan deal at around $540/mt CFR, but no official confirmation so far,” a Pakistani-based trader said.
As of July 24, HRC futures at the Shanghai Futures Exchange are standing at RMB 3,479/mt ($482/mt), decreasing by RMB 94/mt ($13/mt) week on week, while down by 0.26 percent compared to the previous trading day, July 30, according to SteelOrbis’ data.
