Billet prices in Southeast Asia have dropped by $15-20/mt over the past week, while demand has remained extremely weak, taking into account the partial lockdown in the Philippines, quarantines in others countries and, as a result, stoppages by some re-rollers.
Offers for imported billet from Russia and India have been heard at $380-385/mt CFR in the Philippines and other countries, but there have been no firm bids reported in the market. “The lockdown will arrest the spread of the coronavirus, but business will be very bad. I am afraid that it will take some time for our economy to regain normalcy,” a Manila-based source said.
“We can get $380/mt CFR, but no one is in the mood to buy due to the state of emergency,” a Thailand-based importer said.
Last week, some rare bids were at $375-390/mt CFR in Southeast Asia, while this week buyers have been not ready to give any price indications. “Concerns about the coronavirus are getting more attention now than last week. Mills are halting production,” a Jakarta-based source said.