The Asian hot-rolled coil market held essentially stable Jan. 5 amid stagnant market activity, while weak demand meant that buyers waited on the sidelines.
S&P Global Platts assessed SS400 HRC 3 mm thick at $755/mt FOB China, flat day on day. On a CFR Southeast Asia basis, the same grade of coil was assessed at $750/mt, stable over the same period.
The Chinese market was firm, in line with stronger futures, and competitive offers from suppliers from other origins such as India mean that export activity was slow, market sources said.
In Shanghai, the spot price of Q235 5.5 mm HRC was assessed at Yuan 4,900/mt ($769/mt) ex-stock including value-added tax, up Yuan 10/mt on the day. On the Shanghai Futures Exchange, the most active May contract closed at Yuan 4,568/mt, up Yuan 69/mt or 1.5% on the day.
Sentiment improved modestly, supported by the futures market. The spot market only picked up slightly as downstream sectors remained weak, said a Shanghai-based trader.
Platts assessed SAE1006 HRC at $767/mt FOB China, unchanged day on day. On a CFR Southeast Asia basis, the same grade of coil was assessed at $748/mt, flat over the same period.
In Vietnam, while tradable levels from sellers for Indian SAE1006 coils were at $750/mt CFR, while buying indications were heard at $725-$730/mt amid muted activity.
“Heard only traders pre-booked. For buyers, no one want to book now... .most [buyers] want to wait till after mid January," said a Vietnam-based trader.
A South Korean mill was heard offering SAE1006 HRC at $785/mt Vietnam and $800/mt CFR in some southeastern Asian countries. Taiwanese SAE1006 coils were heard offered at $785-$790/mt CFR South Korea and Thailand.
Platts assessed Q235/SS400 grade 12-25 mm thick plate, or its equivalent, at $812/mt CFR East Asia, flat on the week. The assessment was normalized to Dangjin port in South Korea.
Platts assessed the SS400 grade, 12-20 mm thick plate at $790/mt FOB China, stable week on week. Domestic prices of the Q235 grade material were assessed at Yuan 5,040/mt ex-stock Shanghai, including value added tax, down Yuan 10/mt on the week.
-- Steel Business Briefing
