SINGAPORE June 25 2014 10:35 AM
SINGAPORE (Scrap Register): ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) declined further by $3 a ton week-on-week to $538 a ton in the week ended June 13th this year, as per the latest figures released by The Steel Index.
Despite of the attempts made by Chinese mills to keep export offers for SAE grades firm, recorded transaction levels fell compared to the previous week to $535-540 a ton (CFR ASEAN Port).
As Japanese and S. Korean mills were unable to compete with Chinese producers, they found themselves largely priced out of the market.
Several Chinese traders were reportedly short selling HRC around the $540 a ton mark, anticipating that weakness will remain for the next few months.