Import billet prices in Southeast Asia have posted visible increases since last week, following rises in export offers from ASEAN mills and gains in China. Though negotiations at higher levels have already been started by importers, in general demand has been lagging behind.
The SteelOrbis reference price for import billet in Southeast Asia has been increased to $530-535/mt CFR, up by $20/mt from $510-515/mt CFR reported late last week. Offers for IF billet have been received by customers in the Philippines at $525/mt CFR, while offers from traders and mills for BF/EAF billets have been starting mainly from $535/mt CFR, according to market sources. “Suppliers are aiming for increases. Traders, who were offering at $520-525/mt CFR on Monday, are asking for $530/mt CFR at the lowest now,” a Manila-based source said. “Some discussions have already started, but we need to wait for deals,” another local source said.
“I’ve only heard of actions by traders, not the end-users yet,” an international trader said, adding that customers will have to accept higher prices, but it may take more time in the current challenging environment in the rebar market in the region.
Offers for ex-Russia and ex-Iran billets have been heard at $522-525/mt CFR in Asia this week.