Pakistani buyers have been exerting pressure on foreign HRC suppliers, following the recent bookings of hot rolled coil (HRC) at discounts and considering the ongoing weakness of the raw material and steel markets in Turkey and Asia.
Accordingly, after bookings of a total at least 35,000 mt of SAE1006 HRC within the last week in the range $780-800/mt CFR compared to offers announced at $800-810/mt CFR, Pakistani re-rollers have started to voice even lower bids. In response to the newly announced ex-South Korea HRC offers at levels $790-800/mt CFR (depending on the quantity) for April shipment, one Pakistani mill has submitted a bid at $775/mt CFR, but so far to no avail, according to sources.
Meanwhile, Japanese suppliers of SAE1006 HRC are currently targeting $810-820/mt CFR Pakistan.