Offers prices for imported slabs have increased further in the Asian market as the uptrend in the HRC segment is not stopping. Demand has been limited so far, but some sales at higher prices are expected in the middle of May, market sources have told SteelOrbis.
After a deal at $850/mt CFR for ex-Russia slabs to Asia reported a week ago, most offers have gone up to $900/mt CFR. Not only Russian exporters are willing to increase prices, but Asian sellers are also bullish. One trader commented, “If HRC is at $1,000/mt CFR, slabs cannot be lower than $900/mt CFR.”
Overall demand for slabs has been limited in Southeast Asia so far, while Chinese customers are absent due to the Labor Day holiday. However, in the next deals most market sources expect higher prices to be fixed even though there are no bids at above $850/mt CFR so far.
The outlook for HRC prices in Asia is still optimistic as no cheap offers are expected from China after the export tax rebate cancelation. The SteelOrbis reference price for import HRC in Vietnam is at $955-975/mt CFR, up by $5/mt from late last week, but the latest offers have not been below $1,000/mt CFR.
The reference price for import slabs in Asia has been settled by SteelOrbis at $850-880/mt CFR, up by $10-30/mt from last week.
