Prices for imported slabs in Asia have surged further since late January, as the uptrend in the HRC market has been accelerating. Even though demand has been very quiet recently, the next deal prices in Asia are expected to hit and exceed $700/mt CFR.
After a deal to Southeast Asia at $680/mt CFR reported last week, no new transactions have been heard in the region. “I believe $700/mt CFR is workable for buyers as HRC prices are on the rise,” an Asian source said. But the number of offers have been limited at the moment as the major sellers are trying to evaluate the market, waiting for HRC prices to settle down in the region.
The main Russian supplier is targeting $715-725/mt CFR in Asia. Sources said that ASEAN-based suppliers are expected to come out with new offers at $710/mt CFR minimum.
The SteelOrbis reference price for imported slabs in Asia has been increased to $700-720/mt CFR, up by $20-40/mt from $680/mt CFR last week.
The tradable price for imported SAE 1006 HRC in Vietnam has surged by $40-50/mt over the past two weeks to $850/mt CFR, with the market waiting for new prices to be announced by local producers at around this level soon, while in January Formosa Ha Tinh set its price at $750/mt CFR.
