Prices for import billet have been from stable to slightly higher in Southeast Asia over the past week and, though overall demand is still slow, some buyers have had to replenish stocks and accept some price increases compared to purchases made in early November.
Last week, a major importer in the Philippines was looking for 20,000 mt of 5SP billets and closed a deal at $455-460/mt CFR, according to market sources, which is slightly above the previous contract done at closer to $450/mt CFR, as reported two weeks ago. “I would say that $460/mt CFR is on the high side. We are not there. But finding anything below $455/mt CFR [for 5SP billets] is hard,” a Manila-based source said.
Offers for Chinese 3SP billets are at $450-452/mt CFR in Indonesia and Thailand, slightly higher than $445-450/mt CFR seen last week, while Indonesian material has been priced “too high and is not available for February after the latest sales”, a Jakarta-based source said.
Buyers in Thailand have not been interested in purchases either, especially as some tonnages of sanctioned Iranian billets were purchased at a much lower level - $435-440/mt CFR - last week. “This price was really good. Now I think $440-445/mt CFR from Iran or Russia will be the lowest,” an international trader said.
The SteelOrbis reference price for import billet in Southeast Asia has increased by $5/mt from last week to $450-460/mt CFR.
