ASEAN HRC Steel import prices decline further to $285 a ton

SINGAPORE October 07 2015 9:40 AM

SINGAPORE (Scrap Register): ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) declined further by $2 a ton to $285 a ton in the week ended September 25, as per the latest figures released by The Steel Index.

The week started with a bang as the ASEAN HR coil benchmark shed $4 a ton on Monday, sliding to $287 a ton CFR ASEAN port.

The benchmark price came under pressure throughout the week as mills first lowered offers, and then some broke away from the pack to offer at even lower levels. 

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Additionally, traders were in the mix, short-selling as Chinese domestic prices ground to a new low. 

While some held back from such a negative market, others were active, seeing the Chineseorigin SAE 1006 index close the week at $285 a ton. 

Bids remain aggressive, buyers report preferring to take ‘small bites’ in such a market, though sizeable orders continue to be placed.

(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)