Though sentiments have worsened slightly this week in the Southeast Asian billet market due to lower-than-expected deals in Thailand, billet prices in the Philippines have been relatively stable. A purchase has been concluded with a Russian supplier at $405/mt CFR Philippines this week, while deals were transacted for Russian billet at $405/mt CFR and slightly higher in Southeast Asia in late October, SteelOrbis has learned.
Fresh offers for ex-Russian billet have been heard at $408/mt CFR Philippines. Sources said that suppliers do not have too much December shipment material left, which is why they are not ready to provide discounts. “There was a bid at $400/mt CFR this week, but no conclusion,” an international trader said about the situation in the Philippines.
Indian billet from traders has also been available at levels not lower than $405/mt CFR Philippines, sources said. There have been reports that an Indian mill sold billet to a trader at $370-375/mt FOB recently, which is also almost in line with the previous export prices in India.
