Higher trading activity has been seen in Southeast Asia and China over the past week as customers have managed to get some discounts. As a result, the gap between slab and HRC prices in Asia has returned to normal, whereas previously slab exporters had been rejecting cut prices.
As SteelOrbis reported earlier, in the previous round of sales reported in early October suppliers concluded deals at $470-480/mt CFR to both China and Southeast Asia. After that, according to traders, a supplier from Malaysia sold a cargo at $473/mt CFR.
The most recent trades of Russian slabs have been reported at $465-470/mt CFR, SteelOrbis has learned, to Southeast Asia and China. “This is the market level now. There are suppliers asking higher, but the market is soft,” a trader said.
According to sources, one of the major Iranian exporters is still in negotiations and has failed to close its tender for 30,000 mt of slabs so far.
The SteelOrbis reference price for imported slabs in Asia has declined by $5-10/mt over the past week to $465-470/mt CFR.