Asian slab export trading was extremely low in September since most Asian mills were focusing on sales of other products, like HRC, while also major buyers were not interested in purchases.
The latest offers for ex-Asia slabs are at $455-460/mt FOB in early October, slightly above the levels of $445-460/mt FOB seen a month earlier. However, the previous deals were signed only in the first half of September. In particular, small-volume deals for ex-Indonesia slabs were at $440-445/mt FOB to Southeast Asia, but subsequently there have been no bookings from Indonesia or any other ASEAN country. At the moment, the Indonesian producer is offering at $455/mt FOB, for January shipment. “But it [the long lead time] is not because they sold a lot of slabs. All trading was based on HRC. Even with the latest EU import measures, they will keep selling a lot of HRC with their focus on Southeast Asian markets,” an Asian source said. The leading Vietnamese producer is offering slabs at a stable level of $460/mt FOB, while Chinese mills are offering at similar levels, sources have said.
The European market has been inactive amid significant turbulence due to CBAM, with major plate-grade slab offers coming at $510/mt CFR and higher.
In Southeast Asia’s import slab market, lower prices for import slabs were seen only for sanctioned non-Asian origins. In particular, in mid-September, a deal for 40,000 mt of Russian slabs was signed at $442/mt CFR Indonesia, for October shipment. Some Asian origin slabs were sold at $460-465/mt CFR during the same time. But, now, Asian slabs can be offered at $470/mt CFR and above, while Russian slabs are assessed at $445-450/mt CFR.
