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Lower supply pushes up ASEAN slab prices

[vc_row][vc_column][vc_column_text]Tighter supply of merchant slab is forcing re-rollers in Southeast Asia to accede to higher purchase prices, Kallanish notes. Not only is the region seeing reduced slab from Russia, regional mills have also been diverting cargoes to better-paying markets in Europe.

A Malaysian mill is heard to have sold two parcels of 10,000-20,000 tonnes each to Thailand and Indonesia at end-March. A Thai re-roller is reported to have booked the cargo at $920-925/tonne cfr Thailand.

The cargoes were for coil-making, a regional trader reports. “The exporting mill has to export a minimum tonnage of 30,000-40,000t to Europe in order to make freight cost viable [compared to ASEAN sales],” the trader notes. “It is also not very easy to charter vessels,” he adds.

A Taiwanese re-roller is also heard to be in slab negotiations with the Malaysian mill. The mill has few supply options now because of the shipping and financial complications involved with Russian slab exports. Indian mills are also diverting their supply of flat products, including slab, to the EU and other lucrative markets.

Regional mills in Indonesia and Vietnam have been exporting to better-paying markets. An Indonesian mill sold slab at $1,050/t cfr Italy on 11 March. “Their [export] goal is Europe where they can get over $1000/t cfr,” a Jakarta trader says. He estimates the mill’s target export price is $900-920/t fob Indonesia. A Vietnamese mill was heard to have sold 30,000t at $1,010/t cfr Europe during the third week of March.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_btn title=”About LMM GROUP” link=”|target:_blank”][vc_column_text css=”.vc_custom_1649296177864{margin-top: 50px !important;}”]friendship Link:

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