Source: Shanghai Metals Market
ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) gained further to $509 a ton during the week ended December 09, as per the latest figures released by The Steel Index.
ASEAN HRC index finished the week at $509 a ton, an increase of $6 a ton from last Friday. Overall, buying activity remained mute amidst higher offers.
Chinese material was heard to have been concluded between $470-480 a ton for SS400 and $500-510 a ton for SAE grades during the week but very limited quantities were made available.
Offers for new cargoes stood firm between $525-530 a ton for SAE and $515-520 a ton for SS400 though these attracted little interest.
The majority of producers in Vietnam claimed that they had booked sufficient inventories until February 2017 and were less likely to buy at the current elevated price levels.
In contrast, many traders strongly believed their customers would soon have to accept the new price levels. All prices quoted on a CFR ASEAN port basis.