SINGAPORE July 26 2016 10:11 AM
SINGAPORE (Scrap Register): ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) fell further to $340 a ton during the week ended June 24, as per the latest figures released by The Steel Index.
According to TSI, ASEAN HRC index finished the week at $340 a ton, a decrease of $5 per ton from last Friday.
The market was affected by weak sentiment and buyers continued to submit low bids. Some traders decided to go short in order to make sales, understanding that producers would soon drop their prices due to a shortage of orders, especially mills focused on the export market.
For SS400 grade, the current retail price in Vietnam's domestic market was equivalent to between $315-320 a ton while asking prices from China were closer to US$330/t for August shipments.
Given this spread, stockists were hesitant to book new seaborne cargoes this week. For cargoes already at the port, many Vietnamese buyers delayed customs clearance because it was easier to pay the fine than the upfront VAT due to cash flow reasons. All prices quoted on a CFR ASEAN port basis.