ASEAN imports of hot rolled coil steel prices continue to decline to $ 341 one ton

ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) continued to decline sharply by $18 a ton to $341 a ton during the week ended June 03, as per the latest figures released by The Steel Index.

According to TSI, ASEAN HRC index finished the week at $341 a ton CFR ASEAN port, an $18 a ton fall from one-week ago. Markets were buoyant this week as Vietnamese pipe producers and re-rollers returned to book cargoes for the summer.

Traders selling into ASEAN short sold, with some deals concluded below competing mill offers in order to secure sales. With spot prices trending down, delivery leadtimes for shipments also fell sharply, leaving some buyers unprepared in opening L/C’s and settling payments.

An ASEAN HRC swap for Q3 period concluded on SGX at US$350/t. At the time, the price level represented a value close to the spot price. A flat-shaped forward curve suggests that confidence in market prices strengthening in the coming months is thin.