SINGAPORE November 24 2016 10:40 AM
SINGAPORE (Scrap Register): ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) gained slightly by $1 a ton to $386 a ton during the week ended September 23, as per the latest figures released by The Steel Index.
The HRC market started the week on a weaker note, as traders short-sold shipments and offloaded other position cargoes. Chinese steel producers lowered their export offers to entice orders following the Mid-Autumn Festival holiday.
Several deals were heard for SAE grade HRC from second tier mills in the range of $375-380 a ton for November shipment, and $380-385 a ton for December shipment.
SAE from tier one mills (i.e. material used for re-rolling) traded between $390-395 a ton. However, the market recovered towards the end of the week, supported by strengthening China’s steel futures market and the news that freight charges for steel would be increased.
Offers picked up by $3-5 a ton accordingly, and some traders were heard withdrawing their previously reduced offers. All prices quoted on a CFR ASEAN port basis.