Prices for imported slabs are expected to keep going up rapidly in Asia as the uptrend in the HRC segment is gaining momentum. The previous higher level reported last week was confirmed in a deal, and slab suppliers are cautious in offering ahead of the Chinese New Year holiday, expecting much higher prices after the holiday.
The latest booking for a sizable cargo of ex-Russia slabs was done at $655/mt CFR to Taiwan last week, up by $10/mt from the booking to Indonesia earlier this month. But after the latest increase in HRC prices in Asia, even the offers voiced by the CIS-based and Southeast Asian slab suppliers at $660-670/mt CFR last week have started to disappear. “We received an offer at $670/mt CFR. But it is hard to predict the slab price in these changing [HRC] market conditions,” a source from Indonesia told SteelOrbis.
“We expect slab prices to be up to $700/mt CFR,” one of the major sellers said.
The tradable level for import HRC prices in Vietnam has increased by $35-40/mt CFR since last week to $790-800/mt CFR as no lower prices are available in the market now. The spread between HRC and slab prices in Southeast Asia is still high, which may allow buyers to accept higher slab prices in time.
The SteelOrbis reference price for imported slabs in Asia has been settled at $655-665/mt CFR, up by $10/mt from last week.
