SINGAPORE December 23 2016 9:40 AM
SINGAPORE (Scrap Register): ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) shot up to $429 a ton during the week ended October 21, as per the latest figures released by The Steel Index.
Transactions were heard to have been concluded at an increasing level throughout the week, rising from $410 a ton to $430 a ton for Chinese-origin HRC SAE grades.
On the sell side, Chinese mills were less interested in exports because of high prices that could be achieved from domestic sales, hence limiting their export allocations.
On the buy-side, the majority of Vietnamese buyers were sceptical about accepting new higher offers, and a large part of this week’s bookings were reportedly done by one buyer.
At the same time, asking prices for material from Taiwan, Japan and South Korea also jumped to between $470-490 a ton. All prices quoted on a CFR ASEAN port basis.
