Import HRC offers in Pakistan have continued to move within a narrow range over the past week, amid uncertainty in China and volatility in HRC futures prices. Meanwhile, offers from other suppliers such as Japan and South Korea have remained relatively stable, with several deals reported to have been concluded for Japanese HRC at slight discounts.
Specifically, offers for ex-China Q235 HRC have settled at $500/mt CFR, up by $10/mt over the past two weeks, with a deal for around 5,000 mt reported to have been signed at this level for November shipment this week. However, according to sources, it has also been possible to get $500/mt CFR for ex-China SAE1006 HRC from a number of suppliers, though offers have been estimated at $510/mt CFR.
As of September 19, HRC futures at Shanghai Futures Exchange are standing at RMB 3,374/mt ($474/mt), increasing by RMB 10/mt ($1.4/mt) since September 12, while increasing by 0.18 percent compared to the previous trading day, September 18.
Meanwhile, according to sources, a least two deals from two Japanese suppliers have been signed in Pakistan this week at around $496-498/mt CFR for 30,000-35,000 mt to one Pakistani steelmaker, while another mill is reported to have booked around 21,000-23,000 mt at slightly above $500/mt CFR. Thus, deal prices have lost around 5/mt since the beginning of the month. Besides, offers for ex-South Korea SAE1006 HRC have been heard at $500/mt CFR, mainly the same a two weeks ago.