ASEAN HRC Steel import prices drop further to $281 a ton

SINGAPORE October 23 2015 10:40 AM

SINGAPORE (Scrap Register): ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) dropped further by $2 a ton to $281 a ton in the week ended October 09, as per the latest figures released by The Steel Index. 

Asian steel markets began the week quietly with much of the region away for Golden Week festivities. 

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Nevertheless, some tier one Chinese mills were heard offering SAE 1006 grade HR coil into the market at $288 a ton and $283 a ton CFR Vietnam for November-end and December delivery, respectively. 

The buyer noted that tier one steel producers typically carried a premium of $3-5 a ton over other Chinese offers. 

Traders were heard short selling SAE grades between $280- 283 a ton in anticipation of further price falls once much of the market returns. 

TSI’s daily ASEAN HRC benchmark closed the week at $282 a ton CFR ASEAN port.

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