Prices for import billet in Southeast Asia have inched up over the past week, mainly due to traders offering at slightly higher levels amid a lack of confidence that they will manage to get lower prices from mills in the short term. However, buyers have yet to accept the new levels.
The lowest offers for 5SP 150 mm billet to the Philippines have been reported at $490/mt CFR Manila this week, while the tradable level for this grade and size was at $485/mt CFR last week. “$490/mt CFR is the best price for now. Traders are less aggressive,” a local importer from Manila said. Another local source agreed that some slight improvement seen in China has pushed offers up slightly, though buyers are not interested in purchases.
In Thailand and Indonesia, offers for 3SP have been mainly at $490/mt CFR, which is “not possible for buyers,” a local trader in Bangkok commented.
The latest deal for ex-Japan commercial grade 3SP billet was done at $470-475/mt CFR late last week-early this week. One ex-Russia billet offer was at $475/mt CFR Taiwan last week, but there has been no confirmation of any deal having been done. However, most offers for Chinese origin 3SP to Taiwan have been at $485/mt CFR.
The SteelOrbis reference price for imported billet in Southeast Asia has settled at $485-490/mt CFR, up by $5/mt on average over the past week with the lower end of the range increasing by $10/mt.