Weak demand in Southeast Asia has put pressure on import billet prices. A deal for about 20,000 mt of ex-Malaysia 150 mm billet was signed at $445/mt CFR Philippines just before the holidays, while deals were done in the range of $445-450/mt CFR over the previous two weeks.
“Now Southeast Asian billet [ex-Malaysia or ex-Vietnam] may be more competitive, but we need to wait for Russian mills to come back to the market,” a trader said. Offers from a major Russian mill were at $450/mt CFR on average in the last days of December. Traders have been testing the market with offers at $445-450/mt CFR. At the same time, bid prices have come closer to $440/mt CFR Manila at the moment.
Ex-Iran offers have remained firm at $435/mt CFR, while no fresh deals have been reported.
