Offer prices for imported billet have continued to go down in the Southeast Asian market as suppliers have been trying to accelerate sales, while buyers still mainly prefer to follow a wait-and-see position.
The SteelOrbis’ reference price for imported billet in SE Asia has declined by another $10/mt since early this week to $545-550/mt CFR and, as a result, has posted a $35/mt fall over the week.
Most offers for ex-Indonesia, ex-Vietnam ex-Malaysia and ex-Russia’s Far East region billet have been reported at $555-560/mt CFR to the Philippines and other countries in Southeast Asia. At the same time, bids have been very rare and hardly above $540-545/mt CFR.
“Traders offered at $560/mt CFR and try to generate bids, but all buyers sit on their hands and wait until the end of the Chinese New Year holiday,” a regional trader said.
There have been reports of offers for Chinese origin billet from traders at $545/mt CFR Manila, but negotiations have been slow.
One source has reported about a sale of ex-Vietnam billet at about $540-545/mt CFR, but this could not be confirmed by the time of publication.