The import prices of wide-flange H-beam into Southeast Asia decline amid slow buying May 31, after seeing levels rise for four consecutive months.
Platts assessed wide-flanged S275JR H-beam at $970/mt CFR Southeast Asia May 31, down $50/mt month on month.
South Korea-origin offers were heard at $990-$1,000/mt CFR Singapore, down from the previous month’s $1,100-$1,200/mt CFR, whereas offers from Thailand were heard at $980/mt CFR Singapore, falling from the previous level of over $1,000/mt, according to market sources.
Chinese S275JR grade cargoes were offered at $950/mt CFR Singapore. With China’s insistence on COVID-zero and lockdown measures in several cities, steel demand continued to weaken in China amid logistics constraints and slow construction progress.
Some Chinese mills turned to the export market although shipping delays and port congestions were cited as issues with deliveries of previous Chinese orders.
Buying interest remained weak in Southeast Asia, with buyers choosing to waiting and see first to gain more market clarity, with the steel market in China expected to rebound with the COVID-19-related lockdowns being lifted gradually in Shanghai in June.