ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) dipped by $1 a ton week-on-week to $392 a ton in the week ended February 27, as per the latest figures released by The Steel Index.
The ASEAN steel market was expectedly quiet the week as Chinese mills were still mostly absent due to the Lunar New Year holiday.
Chinese-origin SAE grades were heard to be offered by traders at above $400 a ton (CFR ASEAN Port), but buyers preferred to postpone bookings until next week, waiting for a greater clarity in price direction.
A few cargoes were sold at a much-lower level, closer to the $380 a ton mark, still reflecting pre-holiday price level. Japanese mills were reportedly offering HRC close to $435 a ton (CFR Vietnam), but this price level was generally above what buyers were prepared to pay for the material.
According to the Scrap Register Price Index, the steel and stainless steel scrap prices dropped in China last week in line with HRC steel and rebar futures prices at Shanghai Future Exchange.
Chinese rebar futures declined on Friday and were on course to post their biggest weekly loss in more than a month as there was little sign that steel demand was picking up in the world's top consumer after the long Lunar New Year holiday.
(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)
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