Offers for import billet in Southeast Asia have as expected increased this week, following rises in official offers by Chinese sellers, while ex-ASEAN offers have remained high. But buyers in the region have chosen to step back, seeing the still shaky conditions in China and weak local demand.
Offers for 5SP billet to the Philippines have been heard at $465-470/mt CFR, up by $5-10/mt from late last week. Also, 3SP billet has been offered at $460-465/mt CFR, but mainly by traders “who have positions, as mills are not eager to sell and I think it is hard to buy at $435-440/mt FOB from Chinese mills,” a Manila-based source said. Buyers have been reluctant to accept higher prices, though there is some need for 130 mm billet. “Dexin has only 150 mm billet available at the moment since there have maintenance scheduled and they have decided not to take orders for 130 mm. Usually, 130 mm billet has a $5/mt extra,” a trader said.
A sale of 20,000 mt of ex-China 3SP was done at $438/mt CFR Indonesia late last week, down from $445-450/mt CFR reported a week ago. However, offers to Indonesia for 3SP have now increased mainly to $455-460/mt CFR.
The ex-China 3SP billet reference price is $10/mt higher on average compared to Monday, at $435-440/mt FOB, while the latest offer from the Indonesian mill has been heard at $445/mt FOB, up by $5/mt from that reported early this week.
The SteelOrbis reference price for imported billet in Southeast Asia stands at $455-465/mt CFR, increasing by $4/mt over the past week.
