Most Asian slab suppliers from a number of countries have still been targeting sales to distant markets like Europe and Latin America, where prices are at higher levels, with some of them being successful. At the same time, in the import slab market in Southeast Asia there have been minimal changes as buyers have still been checking the opportunities for cheaper ex-Russia and ex-Iran slabs.
A Chinese producer has managed to sell 30,000 mt of slabs to Latin America at $670/mt FOB, while the price in general has been considered to be on the higher side, taking into account active increases seen in the US lately.
The major ASEAN mill has been offering to Europe and some other distant markets at $650/mt FOB since late last week, but no deal has been reported so far. This price is equivalent to around $720/mt CFR Europe or just slightly below. Taking into account that ArcelorMittal has continued to push up local flat steel prices and in general the mood in the finished steel market is positive, Asian suppliers may target higher prices for slabs. In particular, there has been a rumor about ex-India slabs available at $720-730/mt CFR.
At the same time, the SteelOrbis reference price for imported slabs in Southeast Asia has been at $575-630/mt CFR, just slightly up from $575-620/mt CFR seen in early February. The lower end of the range corresponds to ex-Iran offers reported in the region. Moreover, at least one Russian mill considers the tradable level in Southeast Asia to be at $570-575/mt CFR at the moment.
Ex-ASEAN offers are on the higher side, leading to the higher end of the range increasing a bit. Official offers from this source are at $630-650/mt CFR at the lowest, according to sources.