SINGAPORE December 05 2016 9:26 AM
SINGAPORE (Scrap Register): ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) continued to drop by $1 a ton to $385 a ton during the week ended September 23, as per the latest figures released by The Steel Index.
Trading activity was very quiet throughout the week, with only a limited number of offers heard. Even though asking prices for Chinese material increased by $5-7 a ton, most buyers decided to stay in a wait-and-see mode, unsure of what would be happening in the market after the Chinese Golden Week holiday.
Taiwanese HRC was heard offered at $425 a ton, attracting little interest from Vietnamese buyers. Steel demand in Vietnam has not improved since the beginning of the month, and domestic stockists, pipe makers and re-rollers were forced to cut retail prices in order to push sales, in turn making them reluctant to accept any increases in import market.
