Prices for import billet have fluctuated in a limited range in the Southeast Asian market this week, while a positive mood has prevailed, mainly supported by stronger futures prices in China. Demand in Southeast Asia has been weak, with very limited trades done and only for small volumes.
In the Philippines, most offers for Chinese 5SP billet have been coming at $500-505/mt CFR this week. “There is not much demand in the Philippines. We are badly hit by the effects of the war in Iran and the very high prices of oil and high inflation,” a Manila-based source said. Another local source commented, “There is an upward mood, but it’s basically the weekend, so no one's going to buy now, especially since prices have touched $500/mt CFR.”
The only deal for Chinese 3SP billet has been heard to Thailand at $492-493/mt CFR, but only for 5,000-6,000 mt and “with fast shipment in mid-June”, a local source commented. Most offers for Chinese billet to Thailand and Indonesia have been at $495-500/mt CFR towards the end of the week.
In such conditions, the reference price for import billet in Southeast Asia stands at $493-505/mt CFR, with a tiny $1/mt decrease on average compared to last week.
