SINGAPORE September 14 2015 2:45 PM
SINGAPORE (Scrap Register): ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) plummeted to below $300 a ton in the week ended September 04, as per the latest figures released by The Steel Index.
According to TSI, ASEAN HRC imports index fell through the $300 a ton floor the week, finishing at a new low of $297 a ton, down $7 a ton from last Friday.
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Mills and traders dropped their prices in an attempt to stimulate waning demand before the closure of the Chinese market for the extended weekend holiday.
Offers for Chinese-origin SAE grades slipped to $300-305 a ton CFR ASEAN Port, but by the end of the week transactions were concluded a few dollars below the lower end of this range.
Asking prices for SS400 grades from Chinese mills were heard nearer to $300 a ton, while traders’ offers were closer to the $290 a ton mark.
Sentiment in the region remains bearish, as many market participants do not believe that prices have reached the bottom yet.
(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to email@example.com)