Markets in Asia

摘要

Early last month there were the first signs that lower US domestic prices had begun to affect slab prices for importers in Asia. Just as purchases by US HR mills drove up the international market once Section 201 tariffs had assured them of a protected market, so a slowdown in import orders in the final quarter began to pull prices down. US mills still in the market - notably California Steel Industries (CSI), the non-integrated mill - bargained down prices for first quarter delivery. Reports circulating that US mills have secured lower prices from Brazilian suppliers in 2003 slab contracts have affected negotiations on deliveries to Asian customers. Cia Siderurgica de Tubarao (CST) had opened talks by demanding a price rise, albeit a modest 5 US dollars/tonne, from customers in Korea for first quarter deliveries. They are said now to be ready to concede a reduction of 5 US dollars/tonne, but Korean buyers are holding out for a bigger price cut.