Ex-Asia billet prices have still been following a downward trend this week due to the limited demand in China and beyond, and only sporadic deals have been reported after discounts.
The SteelOrbis reference price for ex-China billet has settled at $460-465/mt FOB, down by $5/mt since late last week. There has been talk about some sales done at this level with a smaller volume sold at the higher end and representing what mills can give in negotiations, but a sale at $460/mt FOB has also been rumored for a decent volume, though this has remained unconfirmed by the time of publication. This level has been confirmed as a workable level in the GCC, where offers have been heard at $510/mt CFR, with freight from China to this destination assessed at $48/mt on average.
The Indonesian mill has cut its September shipment billet offers by $5/mt compared to yesterday, June 30, and by $10/mt since late last week to $470/mt FOB. “I would say that Indonesian slabs at $490/mt FOB and for August could be better for buyers. In billets, China has a better price,” an Asian trader said.
In Southeast Asia, buyers in the Philippines said that offers for 5SP are still at $495/mt CFR, but $490/mt CFR is awaited in the coming days.
