ASEAN HRC Steel import prices continue to drop to $468 a ton

SINGAPORE January 08 2015 9:15 AM

 

SINGAPORE (Scrap Register): ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) continued to drop by $7 a ton week-on-week to $468 a ton in the week ended January 02, as per the latest figures released by The Steel Index.

 

The year 2014 ended on a bearish note for Chinese steel producers as HR coil offers for SAE grades fell below US$470/tonne CFR ASEAN port. This was partly driven by mills’ eagerness to fill order books with the Lunar New Year holiday around the corner. 

 

The big news last week was the removal of tax rebates for boron added steel in China as producers in the mainland continue to seek alternative solutions to manage their steel exports, which are expected to be negatively impacted in the short-term. 

 

SS400 HR coil (boron-added) offers were between $450-455/t CFR whilst chrome-added HR coil offers were said to be US$5/t higher. A deal for sub-2mm gauge HR coil of Japanese-origin closed just below $500/t CFR, a substantial premium over commodity-grade thicknesses.