SINGAPORE November 02 2016 12:09 PM
SINGAPORE (Scrap Register): ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) fell to below $400 a ton during the week ended September 09, as per the latest figures released by The Steel Index.
ASEAN HRC index dropped by $5 a ton to finished the week at $396 a ton. After two consecutive weeks of weak sentiment in the Chinese steel futures market, producers have finally lowered their offers to around $400-405 a ton for HRC SAE grade, a decrease of $10-15 a ton.
Vietnamese buyers used this drop to apply pressure on traders with positions in hand, trying to obtain further discounts. During the week several transactions were heard concluded at $394-398 a ton for SAE grade from second-tier Chinese mills.
HRC SS400 grade from China was offered between $385-390 a ton by a trader, but this level attracted no interest from buyers.
Some market participants commented that this week’s price drop is a correction from the previous “unreasonable” climb in steel prices.
All prices quoted on a CFR ASEAN port basis.