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ASEAN HRC Steel import prices slip to $379 a ton

ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) slipped by $1 a ton to $379 a ton in the week ended May 15, as per the latest figures released by The Steel Index.

Asking prices for Chinese-origin HRC (SAE grades) remained stable this week, hovering between $380-385 a ton (CFR ASEAN Port). Japanese and Taiwanese producers were heard offering HRC close to this level, in a $385-390 a ton(CFR Vietnam) range.

Buyers of Chinese material were bidding below $380 a ton, and were hoping to secure a discount of $5-10 a ton compared to Japanese-origin material.

With a wide spread between bids and offers, Chinese traders faced difficulties finalizing deals and, with the recent pick up in domestic prices, the risk of losses arising from short-selling cargoes acted as a deterrent to exporters.