Offer prices in Southeast Asia’s import billet market have posted a significant increase amid rises in ex-China FOB-based prices and some increases in freight rates. However, buyers have been ignoring the new offers as last week major importers booked their needed volumes and are stocked up for April and even partially for May.
Ex-China 5SP 150 mm billets have been offered at $475/mt CFR Manila at the lowest, while most offers were voiced at $480-490/mt CFR early this week. But buyers in the Philippines do not view the tradable level as being above $470-475/mt CFR. Last week, a deal for 30,000 mt of 5SP 150 mm was done at $468/mt CFR. “China is the only one to consider seriously, so, if anyone needs billet, the price will be $475/mt CFR or higher,” a trading source said.
In Indonesia and Thailand, offers for 3SP 150 mm billet have mainly been coming at $475-478/mt CFR by Thursday. As reported earlier, a few buyers in Thailand booked 3SP 150 mm billet at $460-465/mt CFR and 130 mm billet at $472/mt CFR. In addition, a sale to Indonesia has been disclosed at $465/mt CFR, also done last week. “We even didn’t check billet offers this week as most customers had booked enough quantities since last week,” a source in Bangkok said. So, for now, customers have secured volumes to replace ex-Iran cargoes and even partially for May shipment.
The SteelOrbis reference price for import billet in Southeast Asia has settled at $475-480/mt CFR, up $10-15/mt over the past week.
