Asian slab exporters have continued to sell at relatively stable prices this week, with at least two deals heard to Turkey and India. At the same time, sentiments have remained weak with no positive signs from China.
A deal for 50,000 mt of slabs from the leading Vietnamese mill was signed at $450/mt FOB to India last week. The same mill was selling to the US at $440/mt FOB before this, but the better price was explained by nearer shipment date - June - that the Indian mill needed. Some Indian mills have been buying import slabs over the past few months due to maintenance works and their own reduced production. However, the sustainability of the trend is questionable and more clarity is needed regarding protectionist measures.
Another deal has been heard for ex-Indonesia slabs to Turkey, with the price heard at near $470/mt CFR, translating to slightly below $440/mt FOB. The main Indonesian mill is holding offers for slabs at $440/mt FOB, for August shipment.
No new deals have been heard for Malaysian slabs, with the previous one reported at $465/mt FOB for Turkey, but at the moment the tradable level should be at least $5-10/mt lower, considering the weak trend in the flat steel segment in Turkey.