Asian steel market remains weak, China's export prices fall continuously. In view of China domestic steel prices are low, most overseas buyers stay on hold, have little interest in purchasing.
Prices of Asian hot rolling spot fell to its lowest level in nearly five months, the major export quotation of China's ordinary commodity volume is 460 US dollars/ton (FOB), cold-rolled base stock offers 470 USD/ton (CFR) in Vietnam, offers 480-485 USD/ton (CFR) in India. China's hot volume export prices may fall further as the domestic market slips and overseas demand is sluggish. However, with China's export prices fell, its competitiveness in the international market has improved. Market participants think that China's hot volume export orders are expected to ring up in April.
Due to the decline in the Chinese market and the decline in demand of Thailand and Philippines as the long holiday is near, Southeast Asian billet import market remained weak. The price of China's 120mm/130mm square billet declined from 450 USD/tr (CFR) to 435-445 USD/tr (CFR) in Manila. And the price is expected to fall further to 420-430 USD/ton (CFR) in the short term. -- Prime Steel Pipe
