Following the recent drop in ex-China HRC prices in deals from traders to Vietnam, this week Chinese traders have started to offer and sell HRC position cargoes to Pakistan as well. Specifically, SteelOrbis has learned of fresh bookings for Chinese SS400 HRC at 850/mt CFR Karachi. Besides, with another position cargo for around 2,000 mt being sold to Pakistan at $840/mt CFR.
In the meantime, while Pakistani pipe makers accept lower-priced SS400 HRC from China, those re-rollers who import SAE1006 HRC have faced rising prices this week. Accordingly, ex-Indonesia HRC has been traded to Pakistan at $870/mt CFR, up by $10/mt over the past week, while ex-Japan HRC has been sold at $900/mt CFR, as SteelOrbis has reported earlier. Offers for ex-China SAE1006 HRC have increased by around $30/mt week on week to $900/mt CFR and above, while a price from Taiwan has been voiced at $950/mt CFR.
“While traders keep selling their material in positions which in effect attract buyers in Vietnam and Pakistan, Chinese mills continue to avoid any drops in prices. But all these deals are rather occasional and do not reflect real market levels, at least for now,” a Pakistan-based trader told SteelOrbis.
