SINGAPORE January 28 2016 10:02 AM
SINGAPORE (Scrap Register): ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) edged up by $1 a ton week-on-week to $292 a ton in the week ended January 22, as per the latest figures released by The Steel Index.
According to TSI, ASEAN HRC remained broadly stable during the week, closing Wednesday at $292 a ton CFR ASEAN port.
Market activity, on the whole, was slow, with buying interest limited. However, transactions did slightly pick up towards the end of the week, with participants noting Friday was the final day for booking March shipment cargoes.
For the first time in recent memory, the title of the lowest-priced seller did not go to China, but instead to Russia, where ruble weakness helped exporter’s lower asking prices to below Chinese and Japanese offer levels.
Noticeably, Russian steel producer MMK concluded deals between $271-282 a ton for varying grades of HR coil, with a total volume of around 100kt changing hands over the past two weeks.
In the face of competitive prices from other regions, Chinese traders seem to have no better strategy, as local mills are unwilling to accept lower bids amid higher domestic prices.