Offers for import billet in the Southeast Asian market have posted a sharp increase compared to the previous week amid the positive trend in China’s market. Though most customers in Southeast Asia have been reluctant to purchase at such a high level, some deals have already been rumored, SteelOrbis has learned.
Most offers from Southeast Asia and some other sources to the Philippines have been at $680-690/mt CFR this week and some even at up to $700/mt CFR. One deal for ex-ASEAN billet has been rumored at $685/mt CFR in the Philippines, but this could not be confirmed by the time of publication. “Not all mills have replenished, so some will have to buy,” a local source said. One of the major importers in the Philippines has said that demand for rebar in the local market is not high but steady.
“There is a limited number of offers to Southeast Asia this week,” a trader said, adding that, if sellers conclude deals to China, they will not give low prices to Southeast Asian customers.
Traders have been offering ex-Iran billet to Thailand at $660-665/mt CFR, up by $25-30/mt over the past week. No deals have been reported so far as customers will need time to adjust to the new price levels.
The SteelOrbis reference price has increased by $30-35/mt over the past week to $675-685/mt CFR.