Prices for imported billet in Southeast Asia have retreated again after just a brief increase seen last week. Slack demand and low bids together with high supply from Asia have been preventing any sustainable improvement.
Offers for ex-ASEAN and ex-China 5SP billet to the Philippines have come down to $510-515/mt CFR Manila, while last week suppliers were targeting $520/mt CFR and higher. “In fact, there is no change. The last deals were at $510/mt CFR,” a source said. There has been information about IF billet sold at $500/mt CFR, but it has not been confirmed by the time of publication. Market sources said that bids for BOF billet have declined to $500/mt CFR, while for IF they are hardly above $490/mt CFR.
A contract for ex-China 3SP billet has been reported at $495/mt FOB lately. “This is lower than Dexin’s price. The destination is probably in Southeast Asia,” a Singapore-based source said.
The SteelOrbis reference price for imported billet in Southeast Asia has come back to $510/mt CFR, versus $515-520/mt CFR last week.
Apart from a deal for ex-Iran 3SP billet at $503/mt CFR Indonesia, another contract has been rumored at $498/mt CFR Indonesia but for 1SP.