UNITED KINGDOM July 16 2015 9:24 AM
SINGAPORE (Scrap Register): ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) declined sharply by $18 a ton to $330 a ton in the week ended July 10, as per the latest figures released by The Steel Index.
Alongside the fall in commodity futures prices in China, the physical market also took a hit and TSI’s ASEAN HRC index lost $18 a ton during the week. Offers for Chinese HRC (SAE grades) dropped to $330-335 a ton CFR ASEAN Port.
Many buyers were avoiding the market altogether, but some bids for mid/end September shipment were heard coming below $325 a ton.
Offers for SS400 grades also fell, to the $310-320 a ton range, as traders were taking opportunities to conclude short-sold trades.
Other regional producers were offering material significantly higher, and asking prices from Japanese mills were nearer to $365-370 a ton.
Meanwhile, 5kt of ASEAN HRC coil swaps (basis TSI) were cleared this week on SGX.
(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)