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ASEAN HRC Steel import prices slip to $273 a ton

 ASEAN hot rolled cold (HRC) steel import prices (CFR ASEAN port) slipped by $2 a ton week-on-week to $273 a ton in the week ended December 04, as per the latest figures released by The Steel Index.

The first trading week of December saw spot prices edge lower to $273 a ton CFR ASEAN port -a new record low for the benchmark index. 

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Trading activity picked up this week with offer levels softening, prompted by sellers looking to liquidate their holdings as the year-end approaches. 

Unsurprisingly, the future of some Chinese steelmakers appears bleak in the current price environment; mills in Shanxi are heard to be shuttering production at loss-making sites. 

However, sizeable imbalances between (excess) supply and demand may prompt further closures before the impact on prices are felt.

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