Asian hot-rolled coil prices were mixed in the week to Sept. 3, as weak demand in Southeast Asia was offset by a modest increase in the China market amid talks of accelerating output cuts.

          S&P Global Platts assessed SS400 HRC 3 mm thick at $923/mt FOB China on Sept. 3, up $3/mt week on week. On a CFR Southeast Asia basis, the same grade of coil was assessed at $868/mt, down $9/mt on the week.

          Platts assessed SAE1006 HRC at $958/mt FOB China, up $3/mt on the week. On a CFR Southeast Asia basis, the same grade was assessed at $876/mt, down $9/mt on the week.

          Chinese export activity remained slow due to competitive prices from other regions such as Russia and India, and lingering uncertainty about export duty in October.

          “It’s hard to conclude a deal as demand in overseas market weakened and most Chinese mills require buyers to cover the costs for the potential export duty,” said a Chinese mill source.

          In Vietnam, local market activity remained slow due to the ongoing lockdown measures in some major cities. Buyers are not willing to order until the market activity recovers following easing pandemic curbs. A deal was heard concluded at $870/mt CFR for port-side Indian SAE1006 coils during the week.

          It remains yet to be seen how that would affect demand amid signs of easing restrictions in some Southeast Asian countries including Indonesia, Malaysia and Thailand.

          Platts assessed IS2062, 2.5-10 mm thick HRC delivered to Mumbai at Rupees 66,000/mt ($903/mt), flat week on week. The assessment excludes GST of 18%.

          Hot-rolled coil prices in India's domestic market remained stable, awaiting official producer list prices for September. Sales activity remained sluggish due to the ongoing festival season. Market participants, however, believed that increase in supplies could pressure prices, given international price movements.