November’s wide-flanged H-beam import prices into Southeast Asia climbed on the month, as selling indications rose amid bullish moves for raw material prices, sources said.

S&P Global Platts assessed the November price of wide-flanged S275JR H-beams at $595/mt CFR Southeast Asia, up $47/mt from October.

South Korean sellers were heard holding back on offers as regional scrap prices continued to climb in November, but provided selling indications of $600/mt CFR Singapore in the later half of the month, up $40-$45/mt from the month prior.

Buyers were heard having restocking interest for January and February shipment cargoes, after a long hiatus from buying during the COVID-19 pandemic, with tradable values cited at $590-$600/mt CFR Singapore Nov. 30.

"We received offers early in November but sellers all held back nearer to the end of the month as scrap prices started surging," a Singapore-based stockist said. "Now when we actually back looking for cargoes, price ideas have climbed much higher."

Regional Asian scrap prices were surging alongside global ones within November, and the Platts Japanese H2 FOB assessment was up $32/mt ending the month, according to Platts data.

Meanwhile in Singapore, sources continued holding a firm outlook towards the years end, as ‘high’ Chinese steel prices kept regional expectations bullish.

“Chinese steel prices are so high now and it's raising expectations for other sellers too,” the stockist said. “And with raw material costs also increasing, we might have to bid higher to secure Q1 shipments.”

-- Marcus Ong, Samuel Chin