A top Japanese steelmaker expects hot-rolled coil prices in Asia to rebound soon because they are nearing a bottom, a source told Fastmarkets this week.
While it has lowered its offers for its July-shipment HRC to the key Southeast Asian market, in response to competitive offers from other regional producers, it does not expect prices to fall much further in the wider region."Due to weak demand in their domestic markets, Turkish, Russian, and Brazilian mills have been targeting the Southeast Asian markets, where prices are relatively higher. The aggressive offers from these suppliers had dragged [down] prices in Asia, especially in the key market of Vietnam," the source told Fastmarkets late last week."South Korean mills also issued aggressive offers due to weak domestic demand and a depreciated currency. Moreover, Taiwanese and...