Billet prices have increased further in Southeast Asia, supported by active increases in the global billet and scrap markets.
New offers from Russia and Southeast Asia have been reported at $540-550/mt CFR Manila, according to sources, up by $10/mt from the previous level this week. The lower end of the range has been reported only for induction furnace billet from Vietnam. Integrated producers have been offering closer to the higher end of the range. For instance, the new price level from the major BF-based exporter from Vietnam has been reported at $530/mt FOB. “There could be some direct sales from mills now, but the market is calm in general,” a Singapore-based trader said. Traders and small end-users in the Philippines have not been active lately. “It’s a wait-and-see mode right now,” a Manila-based trader said.
The impact of the surging scrap prices in the world has been obvious in the billet market. “Higher interest in bulk scrap cargoes and their shortage will keep prices for products like wire rod and billet strong,” a source told SteelOrbis.
The reference price for imported billet in SE Asia has increased by $10-15/mt today, December 11, and is up $30/mt from last week to $540-550/mt CFR.