Prices for imported slabs in the Asian region have posted further increases over the past two weeks, driven by rises in HRC prices and increased interest from some Chinese customers in imports. However, the sustainability of the trend is very questionable with the recent sharp drop in futures prices and worse sentiments for demand in the winter season, SteelOrbis has learned from the market on December 19.
The tradable level for imported slabs (mainly ex-Iran or ex-Russia origins) has increased to $470-480/mt CFR from the previous deal done at $445/mt CFR reported two weeks ago. One contract in this price range has been rumored for ex-Russia slabs to China in the past week, but this information has not been confirmed by the time of publication.
In Southeast Asia, new offers for ex-Russia and ex-Iran slabs have been reported at $490-500/mt CFR, but the highest counterbids would be at $480/mt CFR, according to market sources.
At the same time, offers for ex-ASEAN slabs have increased up to $550/mt CFR, from $530-540/mt CFR seen over the past two weeks. But while previously higher prices for ex-ASEAN slabs were supported by sales to distant markets like Europe, no fresh deals have been reported to this destination. The lowest offers from the Southeast Asian mills to Europe have been heard at $560-580/mt CFR.
The SteelOrbis reference price for imported slabs in Southeast Asia has been increased to $480-550/mt CFR, versus $470-540/mt CFR last week.