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ASEAN HRC Steel import prices decline significantly to $452 a ton

ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) declined significantly by $10 a ton week-on-week to $452 a ton in the week ended January 16, as per the latest figures released by The Steel Index.

ASEAN HRC import prices decreased further last week, as Chinese producers lowered offer prices in order to fill their order books before the Lunar New Year.

Chinese-origin SAE grades transacted in the $445-460  a ton range (CFR ASEAN Port), while some trades were short selling by about $10 a ton lower than mills’ asking prices. Japanese-origin HRC was offered between $470-490 a ton (CFR Vietnam), with firm bids at $470 a ton accepted by mills.

Prevailing market sentiment remains bearish, as market participants do not anticipate any price rebound in the short run, and some are even seeing HRC prices going as low as $400 a ton CFR ASEAN port.