Slab suppliers have increased their offer prices in Asia in mid-November following a number of successful sales earlier in the month and the uptrend in HRC segment. However, customers have been reluctant to accept a further increase and have taken a wait-and-see position.
Prices for ex-Russia and ex-Brazil slabs to Asia have been heard at $390-400/mt CFR for January-February shipment, while the previous bookings were done at $380-390/mt CFR to Southeast Asia and China. Exporters had sold sizable volumes earlier and are not in a hurry to sell now. At the same time, customers have been resisting the uptrend. “We do not see lower prices [than $390/mt CFR], but customers’ bids are at $375/mt CFR maximum,” a Taiwanese trader said. The price idea of Indonesian mills is also about $375-380/mt CFR, which is unlikely to be accepted by suppliers, taking into account higher HRC prices in the region.
HRC deal prices in Vietnamese market increased by $10/mt to $440-445/mt CFR for ex-India coils last week, while most offers for imported HRC are at $450/mt CFR and above early this week.