Pakistan’s import HRC market has seen a slight downward adjustment in ex-China prices this week, following new declines in HRC futures prices in China. Offers from other suppliers have remained largely stable or have showed a slight downward bias compared to offers a few weeks ago.
More specifically, offers for ex-China Q195 HRC have been voiced at $460/mt CFR for January shipment, down by $3-5/mt CFR over the past two weeks. Besides, offers for ex-China Q235 HRC have been estimated at $468-470/mt CFR compared to the deal price at $471/mt CFR last week. Meanwhile, ex-China SAE1006 HRC offers have settled at around $470-480/mt CFR, compared to $485/mt CFR two weeks ago.
In the meantime, offers for ex-Japan SAE1006 HRC have been voiced at $490/mt CFR, down by $10/mt on the higher end of the range week on week. At the same time, offers for ex-South Korea and ex-Taiwan SAE1006 HRC have been estimated at $485-490/mt CFR, mainly the same as two weeks ago.
According to sources, market sentiments have worsened given the recent decline in the HRC futures market in China. As of December 10, HRC futures at Shanghai Futures Exchange are standing at RMB 3,282/mt ($464/mt), decreasing by RMB 37/mt ($5.2/mt) or 1.1 percent since December 3, while increasing by 0.58 percent compared to the previous trading day, December 9.