SINGAPORE November 26 2015 10:29 AM

SINGAPORE (Scrap Register): ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) slipped week-on-week to $275 a ton in the week ended November 20, as per the latest figures released by The Steel Index. 

According to TSI, ASEAN HR coil index ended the week at $275 a ton CFR ASEAN port, $1 a ton lower than one week ago. 

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The market was at an impasse the week with Chinese steelmakers standing firm on offer levels - in some cases asking prices rose, but buyers remained unperturbed with little change in their expectations that spot prices will fall in near term. 

As observed in previous weeks, an unwillingness by either party to narrow a wide bid/offer spread proved to be the barrier for many potential transactions taking place. 

New tax measures against foreign imports of steel into India will likely negatively impact South Korean and Japanese exporters the most. 

Both have previously enjoyed a price advantage to the region compared to their Chinese counterparts. 

As the Indian market playing field levels for exporters, their material will need to find another home to prevent further surpluses building.

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