A price decrease has been seen again in the Southeast Asian billet market this week amid the weaker scrap market and aggressive offers for Indian semi-finished products. Prices for import billet from the main traditional sources except Iran have come to $425-435/mt CFR, $5/mt below last week’s level.
Indian semis have been sold at the lowest level this week, at $425/mt CFR. More than 30,000 mt in total have been traded to Thailand since the beginning of last week. “The main focus in the market is on India at the moment but I guess there is a lot of speculation as well and traders are trying their luck,” an international trader said.
Moreover, Filipino customers have booked up to 20,000 mt of Russian billets at $435/mt CFR, SteelOrbis is informed. At the same time, importers in the Philippines said that offers from India have already been received at $430/mt CFR this week.
Offers for Malaysian billet have been heard at $435/mt CFR and above, but most market sources have denied that contracts have been concluded. “Bids for Indian billet have already fallen to $415/mt CFR,” a Bangkok-based customer said.
Nominal prices for ex-Iran billet have moved down to $410-415/mt CFR. Some traders have been still offering at above $420/mt CFR, but with no interest at all among customers.