Billet prices have marginally increased by the end of this week in the Asian market. According to trading sources, a deal from Russia’s Far East has been closed at $450/mt CFR to the Philippines recently, while earlier this week the tradable level was at $445-450/mt CFR. Though the details of the contract are not available by the time of publication, sources believe that this is the tradable value in the market at the moment. The number of offers have been limited recently, which has supported prices.
Also, Indian state-run mill RINL has closed today its fresh tender for 30,000 mt of billet, according to sources and, though the final bid has not been disclosed by the time of publication, the targeted level was $427-428/mt FOB, up by $2-3/mt from the previous tender. This price level is equivalent to around $452-455/mt CFR at least in Asia.
Major Iranian billet supplier Khouzestan Steel Company has closed its new tender for 30,000 mt billet at $415/mt FOB for October shipment, SteelOrbis was informed. The sales destination is Southeast Asia. The price level is above the workable level of $405-410/mt FOB reported earlier this week. This $415/mt FOB level is equivalent to $445/mt CFR Southeast Asia minimum, according to sources.