SINGAPORE October 24 2014 10:15 AM
SINGAPORE (Scrap Register): ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) advanced by $4 a ton week-on-week to $501 a ton in the week ended October 17, as per the latest figures released by The Steel Index.
According to TSI, Chinese export prices into the ASEAN region recovered slightly from the recent lows as TSI’s ASEAN HRC Imports index rebounded to over the $500 a ton mark (CFR ASEAN port).
Chinese-origin SAE grades were transacted between $490-505 a ton, while SS400 grades were trading in a narrow $485-488/t range. Japanese, South Korean and Taiwanese mills continued to face significant price pressure to lower their prices, as their HRC offers carried a $30/t premium over Chinese-origin material.
Meanwhile, SGX cleared two ASEAN HRC swap trades (basis TSI) totalling 9kt last week; one was priced at $505/t for Nov-14 but details of the second trade were unavailable at time of publication.