Bearish sentiments and the further weakening of the flat steel market have pushed slab prices in Asia below $400/mt CFR. A deal for ex-CIS slabs from the Black Sea region has been concluded at $390-395/mt CFR to Thailand, SteelOrbis has learned. This level is $5-10/mt below the previous transaction for CIS-origin slabs.
Though slabs in the mentioned deal are from a mill in the eastern part of Ukraine, which is occupied by Russia, and prices for slabs from this territory can be lower than the real market level, most sources agree that this is where the market is now.
Offers from other CIS supplier and from a regional producer have been heard at $395-405/mt CFR, but customers have been insisting on prices below $390/mt CFR.
HRC import prices in Asia have been falling throughout September, and Russian and Indian suppliers were ready to sell HRC to Vietnam at as low as $445/mt CFR last week, which has put pressure on slab prices.