Negotiations between Pakistani customers of hot rolled coils (HRC) and Chinese traders have ultimately resulted in several transactions at lower levels. In particular, around 15,000 mt in total of ex-Russia HRC have been booked by Pakistani customers through Chinese traders at $605/mt CFR. According to market insiders, this deal price was renegotiated by Pakistani buyers from the initial $640-645/mt CFR offered back in August. “These materials were basically re-exported from China, as buying from Russia is not safe considering imposed sanctions due to the war in Ukraine,” a market insider said.
Meanwhile, offers for ex-China SAE1006 HRC have decreased to around $600/mt CFR, down $10-20/mt since the beginning of this week, while prices for ex-China SS400 coils have dropped by $20/mt to $580/mt CFR in new deals with Pakistani pipe makers.
