Billet offers in Southeast Asia have increased slightly this week, mainly because of higher offers seen from China since early this week. But customers have been staying away as they are waiting for the trend to settle first.
Offers for 5SP 150 mm billet in the Philippines have been heard at $499-503/mt CFR, which is $1-4/mt higher than last week. “There is some minimal change in prices from China because of their local market and raw materials,” a local source in Manila said.
Prices for 3SP billet available in Southeast Asia are starting from $495/mt CFR and up to $505/mt CFR, versus $488-490/mt CFR last week. “Of course, all buyers have withdrawn, so no deals are heard,” a source in Thailand said.
Generally, Southeast Asian buyers do not see reasons for the uptrend and local longs prices are still under pressure. For instance, Hoa Phat has cut its rebar and wire rod prices by around $11/mt in Vietnam.
The SteelOrbis reference price for import billet in Southeast Asia stands at $495-503/mt CFR, adding $4/mt on average over the past week.
