Though demand for import slabs has not improved over the past week in the Asian market, prices have continued to go up amid sharp increases in the flat steel segment, and for HRC in particular.
The price idea of most slab suppliers is not below $750/mt CFR Southeast Asia at the moment, up by $30/mt over the past week, SteelOrbis has learned. Moreover, “the fair slab price level should be at $770/mt CFR,” one Asian trader said, taking into account that the HRC price is increasing very rapidly. “Demand is still lacking, but we are waiting for a price increase in the next round [of purchases],” a source said. Offers for slabs from Iran have been heard at $720/mt CFR to Southeast Asia.
Sharp rises in HRC prices in the local Chinese market may lead to an improvement in demand for import slabs in China in the future, sources have said. But for now, no fresh inquiries have been heard from this destination. Average domestic HRC prices in China have increased by RMB 275/mt ($42/mt) over the past week, according to SteelOrbis’ data.
In Vietnam, most HRC suppliers, including those from India, are targeting $900/mt CFR at the moment, while the latest deal price level has already reached $880/mt CFR, up by $35-40/mt from the previous transactions.
The SteelOrbis reference price for import slabs in the Asian market has increased by $30/mt compared to last week to $750/mt CFR.