Prices for imported billet in Southeast Asia have remained stable since last week as overall offers and rare deals have reflected stabilization. At the same time, overall demand in the region has been limited as most customers have continued to bid at lower levels.
A deal for 32,000 mt of billet from Russia’s Far East has been closed at $445/mt CFR for early December shipment to the Philippines recently, which is in line with offers heard last week. “Sellers have insisted on offers at $445/mt CFR since last week. So it is very likely that sales have started to happen at this level now,” a local re-roller said. “$445/mt CFR is high. I think it is possible to get $440/mt CFR already in the Philippines. Bookings are limited,” a trader told SteelOrbis.
Most bids from customers not only in the Philippines, but also in Indonesia and Thailand have been heard at $440/mt CFR and below. Indonesia’s Dexin Steel has increased offers to local customers to $460/mt CFR after recent deals as the mill is not in a hurry to sell and can offer uncompetitive levels. An offer for 3SP billet from Vietnam is at $446/mt CFR Indonesia, with no response so far. “No fixtures to Thailand. It seems that all customers are waiting for China’s return for a clearer direction,” a source from Thailand said.
Traders have been offering Iranian billet at $440/mt CFR Thailand, but there has been the possibility of a $5/mt discount. Some bids have been heard at $430/mt CFR, sources confirmed.
The SteelOrbis reference price for imported billet in Southeast Asia has remained at $440-445/mt CFR, in line with late last week.