SINGAPORE June 21 2016 2:22 PM
SINGAPORE (Scrap Register): ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) plummeted by $22 a ton to $359 a ton during the week ended May 27, as per the latest figures released by The Steel Index.
According to TSI, ASEAN HRC index finished the week at $359 a ton CFR ASEAN port, a 6% fall from last Friday.
Although Chinese mills lowered their export prices, buyers still remained cautious and many traders reported that they did not receive any bids or enquiries this week.
Some pipe producers in Vietnam switched to buying from domestic stockists, retaining the flexibility to buy material as and when needed and at competitive price levels.
In addition to this, HDG coil from China was offered between $50-60 a ton CFR Vietnam higher than HRC, whilst the estimated cost of transforming HRC to HDG is around $100 a ton for Vietnam’s manufacturers.
The preference to import further downstream coil products became another limiting factor in HRC demand.