SINGAPORE July 31 2015 3:35 PM
SINGAPORE (Scrap Register): ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) remained flat at $330 a ton in the week ended July 10, as per the latest figures released by The Steel Index.
After losing $18 a ton last week, TSI’s ASEAN HRC imports index continued its descent. Chinese HRC offers for SAE grades went down to $315-325/t and TSI’s benchmark index finished the week at $318/t CFR ASEAN Port.
However, it was evident that many buyers were not prepared to accept even this lower price level and were staying out of the market, expecting prices to continue trending down.
Some market participants noted that they were anticipating prices to drop to $300/t in the near-term.
Japanese-origin material was offered significantly higher, at $360-370/t, and was attracting hardly any bids. Meanwhile, 1kt of ASEAN HRC coil swaps (basis TSI) were cleared on SGX.