SINGAPORE April 27 2016 11:22 AM
SINGAPORE (Scrap Register): ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) rose significantly by $10 a ton week-on-week to $397 a ton in the week ended April 08, as per the latest figures released by The Steel Index.
According to TSI, ASEAN HRC index jumped another $10 a ton during the week to finish at $397 a ton, although trading activity was quiet because of a widening gap between bids and offers.
Asking prices for Chinese-origin material continued to rise throughout the week, supported by the strong domestic market in China.
As of Friday, Chinese offers for SAE 1006 grade were in the $410-425 a ton range, whereas most ASEAN buyers were reluctant to cross the $400 a ton psychological barrier.
Pipe makers in Vietnam were relieved with the arrival of delayed Russian cargoes, while many re-rolling mills were still facing pressure as Japanese and Taiwanese material remained scarce.
South Korean HRC was reportedly offered as high as $430-440 a ton into the ASEAN region, but no transactions were heard to be done at this level yet. All prices quoted on a CFR ASEAN port basis.