ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) declined by $3 a ton week-on-week to $538 a ton in the week ended August 29, as per the latest figures released by The Steel Index.

According to TSI, following falls in Chinese domestic and export prices, delivered ASEAN HRC prices trended down as well – SAE grades traded between $533-542 a ton and SS400 grades as low as $514-516 a ton. 

Japanese mills were offering HRC at $575 a ton, but in a downward market were reportedly willing to accept $560 a ton. 

As prices steadily weakened during the week, buyers became cautious to commit to any deals, as many anticipate the market is yet to reach the bottom. 

Meanwhile, SGX cleared a further 1,000 tons of ASEAN HRC swaps (basis TSI) early in the week.