Offers for import billet have increased in Southeast Asia this week, following the rebound in futures prices in China. Some ex-ASEAN offers have become the most competitive in the region, but demand has been minimal.
In the Philippines, the lowest offer for 130 mm billet have been reported for ex-Vietnam IF billet at $475/mt CFR. At the same time, ex-China 5SP 150 mm offers have been at $480/mt CFR at best, versus $468-475/mt CFR last week. But no new deals have been reported so far with traders saying that demand for IF billet in the region is limited. Also, for BOF 5SP billet buyers will not accept above $470/mt CFR, sources said.
In Thailand and Indonesia, offers for 3SP 150 mm BOF billet have been at $470-475/mt CFR, increasing by $10/mt from last week. “There is no support for the current increase. We receive offers, but there are no bids as buyers would look for $15-20/mt lower,” a Bangkok-based trader said.
The SteelOrbis reference price for imported billet in Southeast Asia has settled at $470-480/mt CFR, rising from $460-468/mt CFR last week.