SINGAPORE December 14 2015 10:45 AM
SINGAPORE (Scrap Register): ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) slipped by $2 a ton week-on-week to $273 a ton in the week ended December 04, as per the latest figures released by The Steel Index.
The first trading week of December saw spot prices edge lower to $273 a ton CFR ASEAN port -a new record low for the benchmark index.
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Trading activity picked up this week with offer levels softening, prompted by sellers looking to liquidate their holdings as the year-end approaches.
Unsurprisingly, the future of some Chinese steelmakers appears bleak in the current price environment; mills in Shanxi are heard to be shuttering production at loss-making sites.
However, sizeable imbalances between (excess) supply and demand may prompt further closures before the impact on prices are felt.
(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to firstname.lastname@example.org)