Import billet prices in Southeast Asia have decreased again this week due to tight competition among suppliers and the downtrend in the scrap segment. The prices of imported billet have lost $5-10/mt over the past week, coming to $405-410/mt CFR, SteelOrbis has been informed.
A deal for Russian billet from Far East ports has been closed at $410/mt CFR, which is $8-10/mt below offers heard early last week. “We received a number of offers, from the Black Sea in particular, at $410/mt CFR,” a local buyers said.
Overall demand in Southeast Asia has been weak recently as “many buyers have booked higher-priced cargos and are extra cautious before booking any new semis,” an international trader told SteelOrbis.
Some lower offers have been registered in Thailand and Indonesia. Indian non-induction furnace billet has been available at $405/mt CFR in both countries. Some sources said that they can get below $410/mt CFR for Russian material as well, but there have been firm offers at such level. Bids from major customers have been voiced not above $400/mt CFR.
Prices for Iranian billets are still at $395/mt CFR, which has been assessed by most market sources as unworkable due to the recent decline in offers from traditional suppliers.