A major Japanese steelmaker is seeing limited downside for hot-rolled coil prices in Asia as a result of bearish sentiment attributed to the novel coronavirus (2019-nCoV) outbreak.
It plans to offer April-shipment cargoes to buyers in Malaysia and Indonesia at $520-530 per tonne cfr. It had offered March-shipment HRC at $510 per tonne cfr Vietnam but did not sell any cargoes there."Due to the stable raw materials prices and substantial reduction in offers by steel mills in the region, there should be limited room for prices...