ASEAN HRC Steel import prices advance by $4 a ton the first week after the Lunar New Year break

CHINA February 25 2016 10:44 AM

SINGAPORE (Scrap Register): ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) advanced week-on-week at $297 a ton in the week ended February 19, as per the latest figures released by The Steel Index. 

According to TSI, ASEAN HRC benchmark increased by $4 a ton the first week after the Lunar New Year break, finishing at $297 a ton CFR ASEAN port. 

Chinese steel producers returned to the market with new offers, and encouraged by the strong domestic market, raised their HRC export prices by $8-10 a ton.

HRC SAE 1006 grades were heard to be offered within the $300-315 a ton range CFR Vietnam, mostly for end of April shipments. Transaction prices, however, did not increase to the same extent, with few deals concluded. 

Despite this lack of activity, market sentiment was bullish, with expectations that robust Chinese domestic market will lend support to Chinese export prices (and therefore ASEAN import prices) in the near-term.

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