Pakistan: Imported HRC prices increase in recent deals

Imported HRC prices in Pakistan have increased further this week tracking the global trend. A Japanese mill has booked around 10,000 t HRC (SAE1006) with Pakistan-based re-roller at a price range of $725/t CFR basis for Jan '21 shipments. The deal was concluded towards end of last week after which mills are eyeing for $775-780/t CFR basis, SteelMint learned from its trade channels.

In addition to this other major exporting nations have also raised imported HRC offers to Pakistan which is mentioned below:

• Chinese mills raised HRC (SAE1006) by around $40/t w-o-w at $690- 700/t CFR basis, which was around $650-660/t CFR basis a week back.
  
  
• Taiwanese mills have also raised HRC offers by $40/t and offered at $775/t CFR Pakistan. Earlier the offer was at $735/t CFR
  
  
• No active offers from South Korea were heard for Pakistan
  
  

"In order to run the mills, it's important to restock from exporting nations at an elevated range" shared a major HRC importer based in Pakistan.

Japanese and Chinese mills have significantly raised HRC export offers on stronger domestic prices. On a monthly basis imported HRC offers have recorded an uptrend of around $90-100/t m-o-m basis, as per data maintained with SteelMint.

Bulk HRC imports witnessed a massive increase in Nov '20- Bulk HRC import shipments in Nov '20 increased to 169,848 t in contrast with 33,679 t in the previous month, as per data compiled by SteelMint Research. Japan remained the largest source of imports with a share of 60% followed by Turkey 23% & Taiwan 17%. Pakistan annually imports around 2 mn t HRC from major exporting nations.