Pakistani CRC and HDG mills hike prices again, deals for import HRC still sporadic on weak demand

Pakistani producers of cold rolled (CRC) and hot dip galvanized (HDG) coils have revised their offer prices upwards for the second time in December given growth in raw material prices and continuous depreciation of the national currency against the US dollar. Thus, on December 24, local prices of CRC and HDG in Pakistan have increased by PKR 3,000/mt (around $13/mt). However, considering that end-user demand has remained unfavorable in the country it still remains to be seen whether the suppliers will be successful.  

Meanwhile, import HRC prices have remained relatively stable over the past week, with only occasional deals reported this week. In particular, a deal for around 10,000/mt of ex-Vietnam HRC have been reported at $525/mt CFR Karachi this week. Besides, according to sources, talks about a deal signed for around 30,000/mt of ex-Japan HRC at $630/mt CFR have been circulating in the market, though this information has not been confirmed by the time of publication. Furthermore, offers for ex-South Korea SAE1006 HRC have settled at $630/mt CFR this week. 

Offers for ex-China SS400 HRC have been voiced at $600/mt CFR for February shipment, same as last week, while indicative offers for SAE1006 coils have settled at around $620/mt CFR, with no deals reported so far.  

$1 = PKR 225.55