Pakistani CRC and HDG mills hike offers to offset costlier feedstock

Following the increase in local cold rolled coil (CRC) and hot dip galvanized (HDG) prices in Pakistan in late August, on October 11 Pakistani producers announced their new offers for local buyers at higher levels again. The main reason is the continuous increase in raw material and import hot rolled coil (HRC) offers, though the national currency has shown some strengthening against the US dollar over the past month.

More specifically, following a PKR 45,000/mt ($162/mt) increase announced in late August, on October 11 local prices for CRC and HDG were raised by PKR 10,000/mt ($36/mt), compared to the last price revision.

Meanwhile, import HRC prices have continued to increase in Pakistan mainly due to the bullishness of Chinese suppliers. More specifically, ex-China offers for SAE1006 HRC have been voiced at $565/mt CFR and higher, up by around $50/mt over the past three weeks, while ex-Japan and ex-Taiwan SAE1006 offers have been estimated at $550-560/mt CFR, up by $20-30/mt over the past week.

Furthermore, ex-China SS400/Q195 offers in Pakistan have settled at $540-545/mt CFR, up by around $40/mt over the past three weeks.

All prices on Pakistani rupee basis include 18 percent VAT.

$1 = PKR 277.97