The week started May 22 on a bearish note with Asian hot-rolled coil prices sliding further.

          Platts assessed SS400 HRC of 3 mm thickness down $3/mt from the previous session at $546/mt basis FOB China May 22. The same grade of coil was also assessed down $3/mt from May 19 at $547/mt on a CFR Southeast Asia.

          Offers heard from major Chinese mills were heard lower at $570/mt FOB levels for SS400 grade, down $10/mt from the previous week due to weakening buying interest.

          Weakening demand from buyers weighed upon domestic prices, with the most actively traded October contract on the Shanghai Futures Exchange closing at Yuan 3,647/mt May 22, down Yuan 75/mt from the previous session.

          Platts assessed the spot price of Q235 5.5 mm HRC in Shanghai at Yuan 3,850/mt ($ 547.68/mt) ex-stocks Shanghai May 22, including value-added tax, down Yuan 40/mt from the previous session.

          In the Vietnam market, buyers hugged sidelines with no firm deals heard closed during trading hours.

          The bid-offer gap remained wide with an offer heard at $550/ mt CFR levels while a bid indicated at $545/mt CFR levels for SS400 grade levels, according to sources.

          Platts assessed SAE1006 HRC down $3/mt from May 19 at $572/mt FOB China May 22. The same grade of coil was also assessed down $2/mt from the previous session at $578/mt CFR Southeast Asia basis.

          In other regions, a deal was heard concluded to the Middle East at $602/mt CFR levels for a SAE1006 grade coil for July shipment, according to a source.

---- S&P Global Commodity Insights.