Offer prices from major billet suppliers have stayed at last week’s level or have posted some small further increase in the Asian market. But major customers have been still out of the market, moreover, there has been information about some contracts cancelations or postponement of shipments, sources told SteelOrbis.
Offers prices from CIS-based and Indian billet exporters have been mostly at $375-380/mt CFR to the Philippines and some other Southeast Asian countries. A number of local sources confirmed that customers in the Philippines and Thailand have been trying to cancel earlier orders or at least managed to postpone shipments due to subdued demand for longs during the quarantines and lockdowns. Offers to Indonesia have been heard at $370/mt CFR and above, but a number of importers told SteelOrbis, that demand is close to zero.
Following a number of deals over the past two weeks, sellers of Iranian billets in the Asian market have been also trying to raise prices further. Offers to Thailand have been heard at $370/mt CFR, $5-10/mt above the previous booking, reported last week. “Now FOB price from Iran is $350/mt, at least $5/mt above latest sales, so the final price to Thailand will be minimum $375-380/mt CFR [for future deals],” a trader said.
China has been still more promising sales destination rather than Southeast Asia. Offers for non-Iran billet have been heard mostly at $380/mt CFR, while some ex-CIS sellers have been considering $370-375/mt CFR. At the same time most bids have been at $365-370/mt CFR, SteelOrbis has learned. Iranian billet has been offered by a trader at $370-375/mt CFR China with to confirmation about the deal done from the Chinese side.
SteelOrbis weekly reference prices for imported billet in Asia has increased by $5/mt from the lower end of the range over the week to $370-375/mt CFR.
