Negotiations between Pakistani customers of hot rolled coil (HRC) and Asian suppliers have ultimately resulted in a few transactions for at least 42,000 mt.
In particular, around 12,000 mt of HRC have been booked by Pakistani re-rollers and a pipe mill from South Korea at $940/mt CFR , while another 30,0000 mt of HRC was booked from Japan at $950/mt CFR. The material is destined to be shipped at the end of December. It is noteworthy that both suppliers were forced to adjust their HRC offers more than once to encourage customers to agree to the deals. Initially, the suppliers were seeking to get $970/mt and $1,000/mt CFR, respectively, as SteelOrbis reported previously. At least one more major Pakistani re-roller is expected to enter the market in the next week or two, SteelOrbis understands.