Prices for import billet have reached a new high in China after the latest deals done yesterday, which have been disclosed to the market today, March 4.
The latest cargo of ex-Indonesia billet changed hands at $622/mt CFR China on March 3, according to trading sources closed to the business. In addition, another deal for ex-ASEAN billet has been reported at $620/mt CFR or so. Some sources claim it was from Vietnam, but this has not been confirmed by the time of publication.
Before these two contracts were closed, a trader resold ex-Indonesia billet at $615/mt CFR this week, sources confirmed to SteelOrbis.
As a result, deal prices have reached $620-622/mt CFR, adding $12-15/mt compared to contracts heard early this week at $605-610/mt CFR and up by $19-20/mt from last week. Today, major billet exporters from Southeast Asia have withdrawn all offers, according to market sources.
The tradable price level for non-ASEAN billet, which is subject to 2 percent import duty, has been increased to $605/mt CFR from $595/mt CFR earlier this week. No new deals have been reported so far. Market sources expect sellers of Indian billet may be interested in sales to China. The overall offer volume has been limited from Russia’s Far East region due to maintenance at the main mill, while due to increased freight rates the sales from the Black Sea region to China are also unlikely.