Prices for imported billet in Southeast Asia have been stable and activity has been at minimum levels as buyers are still thinking a decline in possible in the near future. All eyes are on the Chinese market, which is stable against the backdrop of the expected new package of stimulus measures.
The offers level for 5SP 150 mm billet to the Philippines have been at $490-495/mt CFR Manila, while no deals have been reported in Southeast Asia after a sale of Chinese origin billet at $490/mt CFR to Indonesia.
The lowest offer for 3SP billet has been reported to Taiwan at $480/mt CFR. “The market is very quiet. The Chinese currency has depreciated rather significantly, but mills are not reducing export prices yet. However, we are monitoring the situation. I think this is causing some pause in the markets,” a Singapore-based source said.
Also, today a Russian mill has announced new prices to Taiwan at $480/mt CFR for January-February. The previous tradable level in Taiwan was at $470-475/mt CFR.
The SteelOrbis reference price for 3SP and 5SP billet in Southeast Asia has remained stable on average at $480-495/mt CFR.
