ASEAN HRC Steel import prices decline sharply to $420 a ton

SINGAPORE February 09 2015 10:35 AM

SINGAPORE (Scrap Register): ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) decline sharply by $19 a ton week-on-week to $420 a ton in the week ended January 30, as per the latest figures released by The Steel Index.

With weak demand in the domestic Chinese market, HRC exports into the ASEAN region plunged, and the daily benchmark prices finished the week at $420 a ton, down $19 a ton week-on-week, said TSI.

Towards the end of the month Chinese-origin SAE grades traded in a wide $405- 430 a ton range, whilst Japanese material was heard to be offered at a significantly higher level, closer to the US$450/t mark (CFR ASEAN Port).

Cargoes offered by traders differed in price levels, as they were seeking to short-sell more material for March delivery. Some lower offers from traders, in turn, allowed buyers to put pressure on mills to reduce their asking prices even further.

Meanwhile, 3kt of ASEAN HRC swaps for Q2 2015 cleared at $432.50 a ton on SGX the week.