SINGAPORE October 16 2014 12:05 PM
SINGAPORE (Scrap Register): ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) continued to dropped by $3 a ton week-on-week to $497 a ton in the week ended October 10, as per the latest figures released by The Steel Index.
Chinese mills came back after a week-long holiday with higher HRC offers, even though demand in the ASEAN region remains weak. Chinese-origin SAE grades transacted this week between $490-500 a ton, while traders were short-selling SS400 grades near the $485 a ton mark (CFR ASEAN Port).
As many in the market do not expect that Chinese prices will be able to bounce back in the near term, they are resisting any increases, pushing for discounts to mills’ initial offers.