SINGAPORE July 10 2015 11:23 AM
SINGAPORE (Scrap Register): ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) declined further by $6 a ton to $348 a ton in the week ended July 03, as per the latest figures released by The Steel Index.
Domestic demand in China remained weak and local producers continued to channel their HR coil production to export markets.
Offers for SAE grades from Chinese mills dropped from $355-360 a ton CFR ASEAN port to below $350 a ton by the end of the week.
Seeing a rapid decline in prices, buyers, in turn, started bidding at much lower levels, around $340 a ton.
Japanese steel producers also dropped their HRC asking prices to $370 a ton, but some participants reported that transactions could be concluded closer to the $365 a ton mark.
Traders were heard short-selling SS400 grades at $335 a ton, while mills’ offers were at $340 a ton.
Meanwhile, 2kt of ASEAN HRC 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)