SINGAPORE May 23 2016 2:09 PM

SINGAPORE (Scrap Register): ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) continued to decline by $14 a ton week-on-week to $465 a ton in the week ended April 29, as per the latest figures released by The Steel Index.

According to TSI, ASEAN HRC ended the week at $465 a ton, a drop of $14 a ton from last Friday. As the futures market in China weakened early in the week, traders who held positions rushed to lower their offers to secure deals.

However, buyers kept a bearish view on the direction of steel prices and liquidity was low as a result. Chinese-origin SAE grade HRC was offered around the $470 a ton mark for June shipment, with bids $10 a ton lower.

By the end of the week, prices in the Chinese domestic market picked up and many traders withdrew their offers, trying to ascertain the situation. All prices quoted on a CFR ASEAN port basis.