Asian slab import market remains active owing to China’s demand, but prices fall

Monday, 27 September 2021 17:27:21 (GMT+3)   |   Istanbul

Trading in the import slab market in Asia has been high over the past week with China showing steady interest in purchases. Nevertheless, bids have fallen by around $30/mt from $750-760/mt CFR seen in the middle of September to as low as $720-730/mt CFR.

Last week, an Indonesian seller traded a cargo of around 20,000 mt of slabs to China at $740-745/mt CFR. In addition to this, Brazil has returned to the Asian market. One large supplier has traded a large parcel at $750/mt CFR also to China slightly earlier. Also Iranian seller closed a tender at $678/mt FOB last week, targeting China with the final price having been assessed at around $740-745/mt CFR.

But by the end of the past week, a few large Chinese customers have lowered their bids to $720-730/mt CFR. An Indonesian exporter has been in negotiations at $725/mt CFR, but there has been no information about signing a deal. A rumor about a sale of slabs from the state-owned Indian supplier at $720/mt CFR was heard in the market on September 27, though it could not be confirmed by the time of publication. “China’s demand is very positive for the market, but suppliers need to cut prices to the new level,” a trader said.

In Southeast and East Asia, deals for ex-Indonesia and ex-CIS slabs were done at $740-755/mt CFR over the past ten days. Market sources said that the buyers in the region have had to pay these prices to secure material, but customers are closely watching the situation in China and they may lower their price ideas soon.

The SteelOrbis reference price for imported slabs in Asia has been cut by $17.5/mt on average on a weekly basis to $725-750/mt CFR for now.

Similar articles

Nucor produces widest and thickest slab to date

30 Mar | Steel News

US slab imports down 2.1 percent in February

29 Mar | Steel News

Brazilian slab export prices continue stable trend

28 Mar | Flats and Slab

Prices stable for Brazilian slab exports

22 Mar | Flats and Slab

Iran’s steel exports down one percent in first 11 months of Iranian year

22 Mar | Steel News

Import slab offers active in Turkey, but purchasing slow

21 Mar | Flats and Slab

Brazilian slab exporters achieve higher prices for May shipments

15 Mar | Flats and Slab

ArcelorMittal Pecem expected to increase production and export slab to Europe

14 Mar | Steel News

ArcelorMittal completes acquisition of Brazil-based CSP

10 Mar | Steel News

Malaysia’s Eastern Steel works on installing new BF, HRC production to start in H2

09 Mar | Steel News