Due to the continuous falling steel prices and without enough positive signal to support the market sentiment and demand, the ASEAN steel market was being quiet over the past few weeks.

Currently, the steel mills are facing both weak domestic and export markets. Some traders believed that there would be no improvement in the Southeast Asian market in the near future since there were too many negative signs as well as the planned rising interest rates.

At present, the ASEAN market needed time to digest the high-priced steel products which were booked previously. Those materials would arrive after the sharp drop in the market prices. Some Indonesian traders pointed out that the prices of the booked goods which were still on the ship were already US$100-150 per ton higher than the current market level.