Prices for imported billet in Southeast Asia have been going down over the past week, following the softening in the Chinese market. However, most buyers have been cautious and even low-priced Iranian billet has not been attractive enough for buyers.
Offers for ex-China 5SP have been reported at $495-497/mt CFR, down from $497-503/mt CFR last week. “Several Chinese traders have Chinese 5SP billet positions in hand and are inviting bids at around $490/mt CFR,” a Singapore-based source said. Nevertheless, there have been no new deals reported so far, with buyers waiting for prices to settle. “This is just a sign to wait further,” a Manila-based source said.
Most Chinese offers for 3SP billet have been heard at $485-490/mt CFR in Indonesia and Thailand, while one source said that even $480/mt CFR is possible, though this level corresponds mainly to Iranian billets. “Traders are inviting Indonesian buyers to bid at $480/mt CFR for Iranian billets, though the shipment period is uncertain,” a trader said. “Buyers here don’t want to buy any billet even at a lower price at the moment. Iran offered prompt shipment to Thailand, so it should be a stock cargo that was produced and could not be shipped out during the war,” a Bangkok-based source said.
The SteelOrbis reference price for import billet in Southeast Asia stands at $485-495/mt CFR, down by $2.5/mt over the past week.
