Demand for slabs has been limited in Asia over the week ended on September 17. Offer prices from traditional suppliers have softened to $410/mt CFR from $410-420/mt CFR a week ago, but the workable level has slipped to $400/mt CFR.
The main pressure has been from falling bids in the region, weak demand and still bearish sentiments. Bid prices for slabs have slipped below $400/mt CFR but suppliers have been reluctant to sell at such a level, seeing no further sharp drop in the HRC market in the region over the past week.
There have been no reports of fresh offers from Iran, but workable prices have to be below $390/mt CFR, according to sources.
HRC prices in the region have been at $450-460/mt CFR. Most market participants have said that the prices still have some room to go down further and so slab customers are waiting for further market developments before closing deals for semis.