ASEAN HRC Steel import prices bounce back from drastic fall

SINGAPORE June 10 2016 1:04 PM

SINGAPORE (Scrap Register): ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) bounced back from drastic fall during the week ended May 13 to $381 a ton, as per the latest figures released by The Steel Index.

According to TSI, ASEAN HRC index finished the week at $381 a ton, an increase of $6 a ton from prior week. Market activity was largely muted with the majority of buyers still in a wait-and-see mode. 

Traders were no longer as aggressive as last week and many of the lowest offers previously available were withdrawn from the market. Mills slowly lowered down their asking prices closer to traders’ offer level, but little buying interest was present. 

Nevertheless, Chinese-origin SAE grades were offered by traders in the $380-390 a ton range, while mills were approximately $10-20 a ton higher.

However, with uncertainty about the future price direction buyers were mostly staying out of the market and only a limited amount of deals were concluded. All prices quoted on a CFR ASEAN port basis.

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