SINGAPORE August 18 2016 10:35 AM
SINGAPORE (Scrap Register): ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) shot up to $360 a ton during the week ended July 01, as per the latest figures released by The Steel Index.
According to TSI, ASEAN HRC index finished the week at $360 a ton, posting an increase of $20 a ton over the week. The week started with steel futures markets in China firming, which in turn led to an increase in asking prices of US$20-30/t for HRC in the physical market.
HRC was offered at $365-370/t for SAE grade and at $350-360/t for SS400 grade. However, the spread between bids and offers remained large, while most buyers only bid US$340/t and US$355/t for SS400 and SAE respectively.
Market participants were very much in doubt as to the sustainability of these price rises. Given the lessons learned just few weeks ago, ASEAN buyers have been extremely cautious this time around. All prices quoted on a CFR ASEAN port basis.