Prices for imported billet in Southeast Asia have continued to improve gradually this week even though trading has been limited and buyers in the Philippines have been on holidays this week. The uptrend has been mainly supported by movements in China.
The SteelOrbis reference price for imported 3SP and 5SP billet in Southeast Asia has increased to $515-518/mt CFR this week, versus $510-517/mt CFR last week, excluding ex-Iran and ex-Russia sanctioned materials, which are quoted lower.
Offers for ex-Indonesia and ex-China 5SP billet have been reported by traders at $515/mt CFR Indonesia and $518-520/mt CFR to the Philippines this week, with no bookings done. One contract has been rumored at above $515/mt CFR to the Philippines, but it has been denied by most market sources as “it is a holiday the whole week here and for the last week the price has been high,” as one trader said. “Bids are still at $510/mt CFR Manila max, but some deals may have happened at higher than $510/mt CFR, which is too low for 5SP from any source,” a Singapore-based trader said.
Still lower prices have been available from sources other than China and Indonesia. In particular, ex-Iran 5SP offers to Indonesia have been at $505/mt CFR and at $500-505/mt CFR to Thailand. “This is again the lowest price now, but buyers are waiting,” a trader from Bangkok said.
The latest deals for ex-Russia billet were at $490-493/mt CFR Taiwan, as SteelOrbis reported earlier this week, while new offers are higher up to $500/mt CFR.