Sentiments in the import hot rolled coil (HRC) market in Pakistan have remained bearish this week, with most buyers postponing their bookings, expecting that import prices still have room to decline. “The market here is very soft. Moreover, taking into consideration the global situation, prices have not reached the bottom,” an official at a major Pakistan-based re-rolling mill stated.
Consequently, SteelOrbis has learned only of one import HRC booking for 10,000 mt of ex-Japan HRC SAE1006 at $820/mt CFR Karachi, done recently. Initially, the supplier was aiming to get $840/mt CFR Karachi, according to sources. In early December, a small lot of HRC from Taiwan was booked at $855/mt CFR Karachi, as SteelOrbis reported earlier.