Pakistan’s import HRC market has seen another downward adjustment in ex-China prices this week, following the drop in HRC futures prices in China. In contrast, offers from other suppliers have remained largely stable, with recent deal prices for ex-Japan material holding firm at $500/mt CFR, indicating continued support at this level.
More specifically, offers for ex-China Q195 HRC have been voiced at $450/mt CFR for December shipment and at $458/mt CFR for January shipment, compared to $465/mt CFR two weeks ago. Besides, offers for ex-China Q235 HRC have been estimated at $462-465/mt CFR, compared to $472-474/mt CFR. Meanwhile, ex-China SAE1006 HRC offers have settled at around $490/mt CFR, compared to $480/mt CFR, down by $15-20/mt over the past two weeks.
In the meantime, offers for ex-Japan SAE1006 HRC have remained firm at $500/mt CFR, mainly the same as a few weeks ago. Besides, offers for ex-South Korea SAE1006 HRC have remained at $500/mt CFR, while no fresh offers have been heard from Taiwan so far.
According to sources, market sentiments have been worsening given the further declines in the HRC futures market in China. As of November 7, HRC futures at Shanghai Futures Exchange are standing at RMB 3,245/mt ($457/mt), decreasing by RMB 63/mt ($8.9/mt) or 1.9 percent since October 31, while declining by 0.34 percent compared to the previous trading day, November 6, according to SteelOrbis’ data.