SINGAPORE August 25 2015 3:30 PM
SINGAPORE (Scrap Register): ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) stayed flat at $318 a ton in the week ended August 14, as per the latest figures released by The Steel Index.
Devaluation of the Chinese renminbi had an impact throughout the ASEAN region, causing falls in both local equities and commodity markets.
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With expectations that a cheaper yuan will lead to decreases in export steel prices, buyers continue to postpone deals at least until there is greater clarity over the direction of prices.
Offers for Chinese origin SAE grades were heard between $318-325 a ton CFR ASEAN Port, but traders were taking short positions and accepting bids as low as $315/t for October shipment.
Asking prices from Japanese mills remained stable, with offers mainly in the $340-345/t range. Meanwhile, 2kt of ASEAN HRC 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)