Following the last upward revision of cold rolled (CRC) and hot dip galvanized (HDG) coils in September, in early October local Pakistani mills have announced their new flats offers for domestic customers, reducing them by PKR 8,000/mt ($28/mt). The decision was mainly attributed to the significant appreciation of the national currency against the US dollar. Notably, while Pakistani rupee-based quotations have decreased, the dollar-based prices have actually remained almost at the same level as last month.
According to sources, the recovery in value of the Pakistani rupee against the US dollar is one of the main reasons for the revision of prices. "Basically, in dollars the prices remained unchanged, plus Pakistan still has problems with opening letters of credit, which causes a raw material shortage,” a market insider told SteelOrbis.
In early October, the value of the Pakistani rupee rose to around 289.99 to the US dollar, from 298.38 in early September.
Meanwhile, according to sources, trade activity in the import HRC market in Pakistan has been extremely slow, as Chinese HRC suppliers have left the market for the holiday. The latest offers for ex-China SS400 HRC were reported in Pakistan at $555/mt CFR last week, down by $5/mt week on week. Meanwhile, indicative offers for ex-Japan and ex-Taiwan SAE1006 HRC have been estimated at $585-590/mt CFR.
|
Thickness |
Producer |
|||||
|
Aisha Steel Mills |
International Steels Limited |
Hadeed Pakistan |
||||
|
PKR/mt |
$/mt |
PKR/mt |
$/mt |
PKR/mt |
$/mt |
|
|
CRC, 0.25-0.35 mm |
270,550-271,050 |
933-935 |
270,500-271,000 |
933-935 |
270,525-271,025 |
933-935 |
|
CRC, 0.5-0.9 mm |
262,750-264,050 |
906-911 |
262,700-264,000 |
906-911 |
262,725-264,025 |
906-911 |
|
CRC, 1-1.6 mm |
260,550-261,550 |
899-902 |
260,500-261,500 |
899-902 |
260,525-261,525 |
899-902 |
|
CRC 1.8-2.5 mm |
260,050 |
897 |
260,000 |
897 |
260,025 |
897 |
|
Thickness |
Producer |
|||
|
Aisha Steel Mills |
International Steels Limited |
|||
|
PKR/mt |
$/mt |
PKR/mt |
$/mt |
|
|
HDG, 0.25 mm |
289,550 |
998 |
289,500 |
998 |
|
HDG, 0.3-0.35 mm |
284,350-285,050 |
980-982 |
284,300-285,000 |
980-982 |
|
HDG, 0.4-0.6 mm |
275,650-282,550 |
951-974 |
275,600-282,500 |
951-974 |
|
HDG, 0.7-0.8 mm |
274,800 |
948 |
274,750 |
948 |
|
HDG, 1 mm |
270,900 |
935 |
270,850 |
935 |
|
HDG, 1.2-2 mm |
270,050 |
932 |
270,000 |
932 |
All prices on Pakistani rupee basis include 18 percent VAT.
$1 = PKR 289.99