SINGAPORE November 07 2016 9:56 AM
SINGAPORE (Scrap Register): ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) declined further to $385 a ton during the week ended September 16, as per the latest figures released by The Steel Index.
According to TSI, ASEAN HRC index finished the week at $385 a ton, $11 a ton during the week. China’s steel futures market continued to weaken over the past week in line with the physical market.
As the result, traders aggressively lowered their export offer prices in order to make sales before the midautumn festival holidays. Several deals of SAE grade HRC from second-tier mills were heard to have been concluded at $385 a ton, with the lowest price heard in the week at $382 a ton.
For SS400 grades, customers were only willing to bid between $370-375 a ton, i.e. $5 a ton off from the lowest offers heard. Despite falling prices, trading activity did pick up during this short week.
All prices quoted on a CFR ASEAN port basis.