Though most foreign hot rolled coil (HRC) suppliers had been trying to push up prices for Pakistani customers during the previous weeks, Pakistani buyers continued to seek lower prices in negotiations and have finally achieved success.
Accordingly, this week a deal for around 15,000-20,000 mt of ex-Indonesia SAE1006 HRC for April shipment has been signed at $850/mt CFR, down by $20/mt from the previous deal price two weeks ago. Meanwhile, market participants said that no new offers for ex-Japan and ex-Taiwan HRC have been heard so far this week because Pakistani re-rollers managed to book an ex-Japan cargo last week at around $900/mt CFR, and new purchases are expected to be done at lower levels.
In the meantime, offers for ex-China SAE1006 HRC have been heard at $880/mt CFR, down by $20/mt over the past week. No deals for SAE1006 HRC have been heard so far, though Pakistani pipe makers have continued to accept lower-priced SS400 from China. Specifically, SteelOrbis has learned of a fresh booking for Chinese SS400 HRC at $840/mt CFR, while new offers are already coming to Pakistan at $835/mt CFR.
