Today, Friday, April 4, the leading Indonesian mill cut its semis export prices for the third time this week. Billet offers from Indonesia now stand at $435/mt FOB for June shipment, down by $5/mt from April 3 and $20/mt lower compared to last Friday. The slab price stands at $460/mt FOB, $15/mt below that seen last week.
Indonesian billet prices were at relatively high levels over the past two weeks, so the latest price cuts signal that the mill is eager to accelerate sales. There have been reports that negotiations with a few Asian traders have been held at $433-435/mt FOB, but there has been no confirmation of deals so far.
As a result, Indonesian billet has become the most competitive in Asia as Chinese sellers are absent today due to their holiday, while yesterday offers from China were at $440/mt FOB mainly. The Chinese reference billet price stands at $437.5/mt FOB, down $5/mt over the past week.
In the Philippines, offers for 5SP billet have lost $8-10/mt over the past week, coming to $455-457/mt CFR Manila. “Demand is really low, but this price is possible. This is where buyers see the workable level,” an importer said. The tradable level for 3SP billet has been at $450/mt CFR, but negotiations have been limited due to the holiday and uncertainty regarding the future trend.
