SINGAPORE September 09 2016 12:33 PM
SINGAPORE (Scrap Register): ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) down by $6 per ton to $379 a ton during the week ended July 22, as per the latest figures released by The Steel Index.
The week witnessed a huge swing in steel futures prices in China. Despite this, mills stayed firm with their export offers while buyers immediately withdrew their bids and returned to ‘wait and see’ mode.
Many market participants felt doing steel business these days was like gambling, “you win today, you lose tomorrow” – said a trader. Also, the frequency of defaults increased with the volatility of steel prices, both buy and sell-side participants bearing the brunt.
Towards the end of the week, HRC imports into Vietnam were heard offered between $390- 395/t for SAE grades from premium mills; $375-380/t for SS400 grades.
HRC producers from Japan, Taiwan and S. Korea were discouraged from entering the Vietnamese market due to tough price competition from China, but also drive by their ability to achieve better prices in other ASEAN countries. All prices quoted on a CFR ASEAN port basis.