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.