Downtrend persists in Asian slab market

Monday, 14 October 2019 14:15:15 (GMT+3)   |   Istanbul
       

Slab prices have continued to go down in Asia due to limited demand and no signs of improvement in the flat steel segment yet. Offers from major suppliers have been at $380-385/mt CFR, $10/mt below early October. But the workable level has been at least at $370-375/mt CFR, market sources said.

Slab offers from Russia have been heard at $380/mt CFR, while ex-Japan offers are at $385/mt CFR, SteelOrbis has learned. Suppliers have been waiting for demand from China, as activity in traditional markets in Indonesia, Taiwan and Thailand has remained at low levels. Traders said that they have been trying to get some lower offers from mills but failed. Brazilian slabs have been offered at $400/mt CFR or slightly lower, but it was uncompetitive as compared to prices from other countries and has not been included in SteelOrbis’ reference prices.

According to market sources, ex-Iran offers have been at $370/mt CFR, which can attract some customers in the near future.

Asian customers have been insisting on additional discounts, seeing further downtrend in the hot rolled coil (HRC) market. Import HRC prices in Vietnam have lost another $10-15/mt over the past week and have stood at $425-430/mt CFR.  


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