Southeast Asia’s import billet market has been inactive over the past week since, even though offers have softened slightly, buyers’ prices ideas are also lower. The latest deals heard in the market in the previous few weeks were for discounted sanctioned materials.
Offers for 5SP billet in the Philippines have been at $450-455/mt CFR this week, down by $5/mt over the past week. “There is total silence regarding deals, even bids are rare,” a Manila-based source said. The tradable level has been assessed at $445-450/mt CFR.
As for Chinese 3SP billet prices, offers have been reported at $450/mt CFR in Southeast Asia. But after last week’s sale of 40,000 mt of Iranian 5SP to Indonesia, no new bookings have been heard. “Even $450/mt CFR is high as for me, and can work only if someone needs 5SP,” an Asian trader said. The Indicative price level for Iranian 3SP billet in Indonesia is at $445/mt CFR, but the real bids from major Southeast Asian buyers for this grade are much lower.
For instance, a few deals for ex-Russia 3SP billet were disclosed as having been done to Taiwan around 10 days ago at $430/mt CFR. “This is an incredibly low level. Of course, buyers will target low if they booked at this level. Why pay higher?” a Singapore-based trader said.
The SteelOrbis reference price for import billet in Southeast Asia has settled at $445-450/mt CFR, down by $7.5/mt on average from last week.
