Most Asian billet offers - from China and the ASEAN region - in the regional import market have been stable after the Chinese New Year holiday, so overall trading has been limited. Nevertheless, negotiations have been more active for sanctioned Iranian and Russian billets in some Southeast Asian countries due to lower prices.
Most offers for Asian 5SP billet in the Philippines have been at $460-470/mt CFR this week. “There are no offers below $460/mt CFR. So there is not much movement here. Many sellers [from China] are still out, so the market is waiting,” a Manila-based source said.
Also, March shipment 5SP billets from China have been on offer at $470/mt CFR in Indonesia and at $460-465/mt CFR for 3SP.
While Asian offers have been out of the range of buyers’ interest so far, there have been active offers for Iranian billets at $450/mt CFR in Thailand for EAF/BOF material, but no confirmed deals have been reported so far, with bids are still $10/mt lower. Also, some offers from Iran have been reported at $430/mt CFR in Southeast Asia, which are most probably for IF material, sources said.
Moreover, one deal for billet from Russia’s Far East region was heard to Thailand at $440/mt CFR in late January, which is more or less in line with the offers reported last week, but it is $10/mt above the previous deal to Thailand earlier in January.
In Taiwan, Russian suppliers have been ready to sell also at $440/mt CFR, but buyers’ targets were at $430-435/mt CFR.
The SteelOrbis reference price for imported billet in Southeast Asia has remained stable at $455-465/mt CFR, with the midpoint at $460/mt CFR, as it does not include sanctioned billet prices.