SINGAPORE October 10 2014 9:35 AM
SINGAPORE (Scrap Register): ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) dropped further by $4 a ton week-on-week to $500 a ton in the week ended October 03, as per the latest figures released by The Steel Index.
As Chinese market participants prepared for the Golden Week holiday, ASEAN markets were relatively quiet, with only a limited number of trades closed early in the week.
Chinese-origin SAE grades mostly traded near the $500 a ton (CFR ASEAN Port) mark, with some traders short-selling material slightly below this level.
Japanese and S. Korean producers kept their offers unchanged from last week, hoping that absence of Chinese material will relieve some downward pressure on steel prices.