Prices for slabs in Asia have not changed much over the past week. Some slight increase has been seen in contract prices, but overall demand has been limited due to lower HRC prices in the region.
China has remained the only sales destination in Asia for slab exporters. The latest booking for Russian slabs was done at about $350-355/mt CFR China a week ago, sources have said, compared to previous transactions at $348-350/mt CFR. Though this indicates a slight price increase, the market overall has been steady recently, sources have said. “[There are] no movements in the slab market. We are waiting for China to come back from holidays,” a trader said.
Most offers from Russia, Brazil and India have been at $355-370/mt CFR, with the majority of them at $355-360/mt CFR Asia, in line with prices reported last week. At the same time, most bids from Asia have been heard not above $345/mt CFR. Some sources have said that, if HRC prices in China remain firm after the holidays, customers may consider accepting $350/mt CFR for imported slabs. The SteelOrbis reference price for imported slabs in Asia is currently at $345-355/mt CFR, versus $345-350/mt CFR last week.
Bearish sentiment has emerged in the Southeast Asian HRC market again over the past week and the workable price level in Vietnam has declined to $390-395/mt CFR, while it was at $400-405/mt CFR a week before. The latest HRC import bookings in China have been done at $380-390/mt CFR for Indian coils.
