ASEAN HRC Steel import prices drop to $275 a ton

SINGAPORE November 14 2015 6:19 AM

SINGAPORE (Scrap Register): ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) dropped by $4 a ton to $275 a ton in the week ended October 30, as per the latest figures released by The Steel Index.

By mid-week some vendors succumbed to aggressive bids and concluded deals sharply lower, which saw the index drop US$5/t on Wednesday.

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Pockets of resistance to falls remained, however, with some paying a premium for guaranteeing the source and going mill-direct.

Other steelmakers offered more competitive pricing and buyers remained aggressive, resulting in widening spreads between offer levels.

By week-end, some Japanese origin material deals were reported at levels competitive with Chinese cargoes, post normalization.