SINGAPORE May 24 2016 5:05 PM
SINGAPORE (Scrap Register): ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) plummeted further by $27 a ton week-on-week to $438 a ton in the week ended May 06, as per the latest figures released by The Steel Index.
According to TSI, ASEAN HRC index ended the week at $438 a ton, a fall of $27 a ton from last Friday. With the continuous drop in Chinese domestic HRC prices, importers throughout Asia became very pessimistic about future price direction.
Several traders rushed to offload their cargoes by reducing prices, while others preferred to wait for a clearer trend and held on to their previous offer levels.
This created a wide spread of asking prices in the market, as SAE-grade material was offered between US$430-480/t and SS400 grades in the $420-450 a ton range.
Buyers’ confusion about the price level resulted in a significant slowdown in trading activity towards the end of the week. All prices quoted on a CFR ASEAN port basis.