Prices for imported slabs have fallen again over the past week due to still weak sentiment in the flat steel market and sluggish demand. It is expected that buyers will resume slab purchases only later this month.
The SteelOrbis reference price for imported slabs in Asia has dropped by $20/mt over the week to $650/mt CFR. This price level has been assessed by market sources as workable, though no new bookings have been reported so far.
A Russian supplier “is going out with May shipment slabs and the price idea is $650/mt CFR SE Asia,” a trader said. “We are not in the market now. Maybe we will check the market after the holidays,” one Asian buyer said.
As SteelOrbis reported last week, an ex-Iran slab tender was closed at $615/mt FOB, which translates to about $647/mt CFR to SE Asia. Sources said that they do not expect new bids above $640/mt CFR.
Though Chinese mills have increased their offers for HRC lately ahead of the holidays and amid worries about a possible tax rebate cut from 13 percent to 8 percent, overall sentiment in the flat steel market is still weak.
