SINGAPORE August 20 2015 5:49 PM
SINGAPORE (Scrap Register): ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) remained unchanged at $310 a ton in the week ended August 07, as per the latest figures released by The Steel Index.
Following price increases in the Chinese domestic market, producers raised their export offers for SAE grades of HRC to $320-335 a ton CFR ASEAN port.
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Some traders, who were short selling material at $310 a ton last week, immediately withdrew their offers from the market.
After seeing a $15 a ton jump in HRC offers in the space of a week and growing concerns that prices would continue to rise, buyers began to secure material from the second-tier Chinese mills at around $320 a ton CFR.
Japanese producers were mostly absent from the market, preparing to revise their asking prices in light of changing Chinese offers.
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)