SINGAPORE August 31 2016 10:45 AM
SINGAPORE (Scrap Register): ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) gained further to $385 a ton during the week ended July 15, as per the latest figures released by The Steel Index.
According to TSI, ASEAN HRC index finished the week at $385 a ton, up $15 a ton compared with last Friday. It was yet another week of rising steel futures prices in China – not dissimilar to conditions in March and April.
However, some market participants were unconvinced of the upsurge this time around, with even the most seasoned traders finding the market a challenge to read.
Offers for Chinese material jumped between $15-20 a ton for September shipment, reaching $380 a ton for SS400; $390-395 a ton for SAE grades from second tier mills and ranging between $400-410 a ton for the same product from first tier mills.
Despite the uncertainty, trading activity picked up on the price rise. MMK returned to the market with SAE offers at $395 a ton – an unattractive price according to traders and buyers in Vietnam. All prices quoted on a CFR ASEAN port basis.