SINGAPORE July 02 2015 9:35 AM
SINGAPORE (Scrap Register): ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) dropped by $6 a ton to $354 a ton in the week ended June 26, as per the latest figures released by The Steel Index.
According to TSI, offer prices from Chinese mills for HRC (SAE grades) slid below the $360 a ton mark and TSI’s benchmark index finished the week at $354 a ton CFR ASEAN Port.
For Live Chinese Steel Scrap Prices Log on to Scrap Register
Buyers approached the market with caution, as many expected the downward trend to continue anticipating prices may fall below $350 a ton in the near term.
Japanese mills resisted lowering their asking prices to match those of Chinese steel producers and were offering HRC in the $375-380 a ton range, with bids heard around $370 a ton.
SS400 grades were offered around $350 a ton, while transactions were mostly concluded between $343-345 a ton with some traders reportedly selling as low as $340 a ton.
Meanwhile, 2kt of ASEAN HR coil swaps (basis TSI) were cleared this week on SGX.
(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to firstname.lastname@example.org)