Offers for imported billet have been heard in Southeast Asia mostly at the same price level as last week, but bids from customers have fallen. As a result, the tradable level has slipped below $400/mt CFR again.
Offers to the Philippines have been coming at $400-405/mt CFR Manila this week, in line with bookings registered last week. At the same time, re-rollers have reported bids at $395-398/mt CFR. Many offers are still coming from India, while availability of products of other origins has been reduced a little, according to one of the main importers in the Philippines. There has been information about the sale of ex-Russia billet at $397/mt CFR in the Philippines this week, which, however, has not been confirmed by the time of publication. Nevertheless, most sources believe that this level reflects the workable price in the Southeast Asian market at the moment. Some traders have said that buyers in Manila are waiting for $390-395/mt CFR now. “The market in the Philippines is not strong enough. We see a slow recovery,” a local source in Manila said.
Bids from Thailand and Indonesia have also been heard at below $400/mt CFR and the overall interest in purchases has been low. Iranian billet offers have slipped to $390-395/mt CFR Thailand, according to some sources, while the previous deal was concluded at $397/mt CFR a week ago.
Chinese customers have been taking a wait-and-see position recently with bids having mostly been at $390/mt CFR.
SteelOrbis’ reference price for non-Iranian billet in Southeast Asia has declined by $5/mt from last week to $395-400/mt CFR.
