SINGAPORE March 10 2016 2:48 PM
SINGAPORE (Scrap Register): ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) continued to advance significantly week-on-week at $327 a ton in the week ended February 26, as per the latest figures released by The Steel Index.
Acording to TSI, ASEAN HRC index gained $19 a ton during the week, finishing at $327 a ton, its highest level since July last year.
It was a hectic week for Vietnamese buyers chasing Chinese-origin material, with asking prices increasing every day. Chinese steel producers preferred to focus on domestic sales and export offers were limited, the scarcity of material giving mills an upper hand in negotiations.
Towards the end of the week asking prices were seen moving even higher – SS400 grade material was heard offered at $325 a ton for May shipment, whilst bids for SAE grade HRC were heard as high as $330 a ton, although no transactions were yet to be done at this level.
Market participants commented that they expected this uptrend to continue in the near term, but the long-term outlook remained bleak as a result of structural oversupply. All prices quoted on a CFR ASEAN port basis.