Despite still weak demand for import billet in Southeast Asia, prices have increased over the past week, supported by higher deal prices to China.
Just a few rare deals have been reported in Southeast Asia over the past week, while on Thursday, April 1, the market has been quiet, influenced by the holiday in the Philippines. One deal for ex-Russia billet has been heard at $625/mt CFR to the Philippines, done last week, but a number of sources said that it was not to Manila and that this level is too high for the majority of buyers. Offers have already reached $625-630/mt CFR, according to sources, but the real market level is at $615-625/mt CFR Manila at the highest. ”We received bids at $610/mt CFR max,” one trader said. “The Philippines is in lockdown now. So $625/mt CFR seems higher than the market price for a shipment two months away,” another source told SteelOrbis.
The majority of offers to Thailand and Indonesia have been reported at $625-635/mt CFR for different origins, and demand has remained very weak.
A small deal for around 10,000 mt of Iranian billet to a trader was sold at $590/mt CFR to Indonesia early this week, which was the lowest price in the market. New offers for Iranian billet have been reported at $610-620/mt CFR to Thailand and Indonesia.
The SteelOrbis reference price for import billet in Southeast Asia, based on the prices to the Philippines first of all, has been increased to $610-625/mt CFR, with the midpoint at $617.5/mt CFR, up by $15/mt week on week.