Prices in the slab market in Asia have kept moving up since the beginning of January, which has been quite expected by market participants as HRC prices in the region have also been following an upward trend.
Prices for slabs have reached $450-460/mt CFR Southeast Asia, up $15-20/mt compared to early January, SteelOrbis has learned. There have been reports in the market that some Southeast Asian customers have been ready to accept $455-460/mt CFR. According to sources, up to 50,000 mt of Russian slabs have been traded recently. Indicative prices for ex-India slabs were at $450-455/mt CFR Asia last week, sources said. Overall offer volumes have been limited as Brazilian sellers have been focused on the US market, while customers have been reluctant to buy ex-Iran slabs due to the new US sanctions.
HRC prices in Vietnam have reached $520/mt CFR in the latest deals for ex-China and ex-India material, which is $10-15/mt above the tradable level in early January. Import HRC prices in Indonesia for ex-Japan and ex-South Korea HRC have been at $540/mt CFR. Companies in Taiwan can offer at $500/mt FOB in the export market, As a result, it is inevitable that bid prices for import slabs have reached $450/mt CFR and above. However, some customers in Taiwan have said that they are not ready to pay above $435-440/mt CFR, the level seen in deals in early January, as HRC prices have almost reached a peak.