Prices for slabs in Asia have moved down slightly over the past week as sentiments have worsened in response to a slight weakening which has started to be seen again in the HRC segment. Demand for slabs is still mostly seen only from China.
The tradable value for slabs in Asia has declined by $10/mt over the past week to $345-350/mt CFR, according to SteelOrbis’ information. This price level corresponds to the latest two deals signed with Chinese importers last week. Bids from Southeast Asian and East Asian customers have been mostly at $340-345/mt CFR, but no new transactions have been reported.
Offers from the CIS, Indonesia and Brazil are still at $360-370/mt CFR. Suppliers from India have been asking for $355-365/mt CFR Asia, but no fresh bookings have been reported. The workable level is already not above $350/mt CFR Asia, sources have said.
Though there were attempts to increase HRC prices last week and some contracts have been registered at higher levels, at the moment bid prices have rolled back to below $400/mt CFR again. There was a sale of HRC from Taiwan to Vietnam confirmed at $400-405/mt CFR last week, but “the tonnage was not big and even late last week offers at $400/mt CFR were not workable anymore,” a Taiwan-based flat steel producer said. Most bids from Vietnam are heard at $390-395/mt CFR at the moment, sources have said.
