SINGAPORE July 04 2016 12:29 PM

SINGAPORE (Scrap Register): ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) fell by $6 a ton to $345 a ton during the week ended June 17, as per the latest figures released by The Steel Index.

According to TSI, few transactions were heard in the market, mostly for HRC SAE 1006 grade from China’s tier one mills bought by re-rollers in Vietnam.

Pipe producers were in no rush to make new purchases and so posted very low bids (below US$340/t) that sellers could not accept. Mills’ offers remained between US$355- 360/t while some traders started short-selling by offering around US$350/t. 

The market for SS400 grade was even more bearish due to current high stock levels and buyers’ pessimistic views about the future. 

Material from South Korea, Taiwan and Japan was offered at high premiums over Chinese material, ranging from US$45-100/t. All prices quoted on a CFR ASEAN port basis.