Billet suppliers have increased their prices for customers in the Southeast Asia following the sharp prices rises in China this week. Meanwhile, buyers have been mostly cautious as prices have risen too rapidly and also due to Eid al-Fitr holiday.
In Philippines, billet prices have reached $770/mt CFR (for blast furnace and electric arc furnace production billet) this week. Some sources said that negotiations were held at this level earlier this week, but no deal has been confirmed so far. An offer for induction furnace billet has been heard at $755/mt CFR Manila. Some sources said that a booking has been done, but it could not be confirmed by the time of publication.
“Offers are at $790/mt CFR minimum already for BF,” a Manila-based trader said. Major suppliers have been less active in Southeast Asian this week, mainly focusing on the Chinese market. “China is reportedly buying at higher than $770/mt CFR. Things will keep getting more complicated,” a re-roller from the Philippines said.
The SteelOrbis reference price for import billet prices in Southeast Asia is at $770-780/mt CFR, up by $80/mt over the week.