Asian hot-rolled coil prices were unchanged Feb. 23 with most market participants awaiting China’s return from the Lunar New Year holidays.

Platts assessed SS400 HRC of 3-mm thickness at $463/mt FOB China on Feb. 23, unchanged from Feb. 20. The same grade was assessed at $494/mt CFR Southeast Asia, also stable over the same period.

Spot liquidity remained thin, with no fresh offers reported as most market participants stayed inactive.

A mainstream mill source said they would not likely offer this week.

A Singapore-based trader said they’re waiting for a clearer price direction as operations normalize, noting that Indian mills have been the most active sellers over the past week.

Indicative offers for Indian SAE1006 HRC were reported at $495-$500/mt CFR Vietnam.

Another Singapore-based trader added, “It’s pretty quiet, we’re waiting for Vietnam to increase their prices or announce it soon, which could create an arbitrage opportunity.”

A Vietnam-based trader said the local market has reopened, but there were no offers heard, adding that it typically takes another week to resume trade talks.

“Nothing is happening for now, the market is still very quiet,” the trader said.

Platts assessed SAE1006 HRC at $474/mt FOB China on Feb. 23, unchanged from Feb. 20. The same grade of coil was unchanged over the same period at $494/mt CFR Southeast Asia.