Following the last downward revision of cod rolled (CRC) and hot dip galvanized (HDG) coils in July, in early September local Pakistani mills have announced their new flats offers for domestic customers, increasing them by PKR 5,000/mt ($17/mt). The decision was mainly attributed to the significant devaluation of the national currency against the US dollar. Notably, while Pakistani rupee-based quotations have increased, the dollar-based prices have actually fallen by $66-76/mt since July.
“The sharp drop in value of the Pakistani rupee against the US dollar to an all-time low is one of the main reasons for the revision of prices, plus Pakistan still has big problems with opening letters of credit, which causes a raw material shortage,” a market insider told SteelOrbis.
In early September, the value of the Pakistani rupee fell to around 298.38 to the US dollar, from 272.70 in early July.
Meanwhile, according to sources, trade activity in the import HRC market in Pakistan has been rather modest, while most offers for ex-China HRC have dropped in new deals this week. In particular, a deal for around 1,000 mt of ex-China SS400 HRC has been reported in Pakistan at $560/mt CFR, down by $10/mt week on week. Meanwhile, new ex-China offers have been voiced at $560-565/mt CFR, down by $5-10/mt week on week, while customers’ bids have been heard at $558/mt CFR and some even below the $555/mt CFR level.
|
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 |
278,550-279,050 |
934-935 |
278,500-279,000 |
934-935 |
278,525-279,025 |
934-935 |
|
CRC, 0.5-0.9 mm |
270,750-272,050 |
907-912 |
270,700-272,000 |
907-912 |
270,725-272,025 |
907-912 |
|
CRC, 1-1.6 mm |
268,550-269,550 |
900-903 |
268,500-269,500 |
900-903 |
268,525-269,525 |
900-903 |
|
CRC 1.8-2.5 mm |
268,050 |
898 |
268,000 |
898 |
268,025 |
898 |
|
Thickness |
Producer |
|||
|
Aisha Steel Mills |
International Steels Limited |
|||
|
PKR/mt |
$/mt |
PKR/mt |
$/mt |
|
|
HDG, 0.25 mm |
297,550 |
997 |
297,500 |
997 |
|
HDG, 0.3-0.35 mm |
292,350-293,050 |
980-982 |
292,300-293,000 |
980-982 |
|
HDG, 0.4-0.6 mm |
283,650-290,550 |
951-974 |
283,600-290,500 |
951-974 |
|
HDG, 0.7-0.8 mm |
282,800 |
948 |
282,750 |
948 |
|
HDG, 1 mm |
278,900 |
935 |
278,850 |
935 |
|
HDG, 1.2-2 mm |
278,050 |
932 |
278,000 |
932 |
All prices on Pakistani rupee basis include 18 percent VAT.
$1 = PKR 298.38