Prices for imported slabs in Asia have been corrected up at the end of the year, following rises in HRC prices during December and the relatively limited supply of cheaper origins.
A deal for 30,000 mt of ex-Iran slab has been closed at $480/mt FOB this week from a major mill for shipment in January, according to market sources. The destination of the sale has not been confirmed by the time of publication, but sources believe it is for the Southeast Asian market. The CFR price is estimated at $520/mt CFR. One source said that demand for slabs in Asia has been low over the past month, but the hike in raw material prices and the better situation in China has provided support for slab prices.
Prices for ex-Russia slabs have been assessed at $530-540/mt CFR with no firm offers reported so far, with the main mill in Russia’s Far East region heard to be “sold out for January.”
So, except for Iran, Asian importers have had almost no cheap options, given that regional ASEAN mills have been too bullish. Official offers for Indonesian and Malaysian mills have been at $600-620/mt FOB, but distant markets are targeted. In Asia, regional slabs have been found at lower levels - at $560-570/mt CFR in the case of firm negotiations, but this price is too high for buyers anyway.
The SteelOrbis reference price for imported slabs in Asia has reached $520-570/mt CFR, surging by $20/mt over the past week and by $30-50/mt since early December.