The import slab market in Asia has been calm so far as a sharp price increase is expected after the strong performance of the flat steel market in China after the holiday. Most Southeast Asian customers are not ready to increase their price ideas for now, but a clearer picture will emerge by early March.
Just before the Chinese New Year holiday, a deal for ex-Russia slabs was done at $645/mt CFR to Southeast Asia, while most bids have come down to $635/mt CFR or around that level. But after the holiday, there have been no fresh firm offers from major Russian and Asian suppliers for slabs, as they are assessing the current market situation after the sharp increase in flat steel prices in Asia. Some traders believe that the tradable value should come to about $660/mt CFR or slightly above, while some producers expect prices to reach $680-690/mt CFR in Southeast Asia soon.
Also, the latest deal for ex-Iran slabs has been rumoured at $615/mt CFR to Indonesia over the past week or ten days. But at the moment, the indicative level is closer to $630/mt CFR for ex-Iranian slabs and it is going to increase further in the current conditions.
Official Chinese mills’ offers for boron-added SS400 HRC have increased by $40/mt on average to $705-740/mt FOB today, February 22, while plate prices in China have added at least $50/mt after the holiday.
The SteelOrbis reference price for import slabs in Asia has increased by $20-30/mt on average over the past two weeks to $660-670/mt CFR.
