According to reports from the market, the leading Indonesian mill has managed to sell sizable volumes of billets to traders who needed to cover their previous positions, with the main share for the Asian market. Also, another two deals for ex-Russia billet have been reported to Southeast Asia.
The Indonesia mill’s sales to traders have been mainly at $501-505/mt FOB since last week, with around 30,000-40,000 mt sold, according to different sources. “It seems billet at around $502/mt FOB and wire rod sales at $520-525/mt were all to Southeast Asia to cover previous short sales. In total, Dexin sold a minimum of 130,000 mt of steel last week and this week,” a Hong Kong-based source said.
Official offers from Indonesia mill were at $505-510/mt FOB for September shipment billets, as SteelOrbis reported earlier, and most market sources assess the latest deal prices as slightly lower than the previous bookings at $508-510/mt FOB, but “in line with the market.” The tradable level for the Asia market has been at $500-505/mt FOB at the highest for two weeks already.
A Russian supplier, shipping from Far East ports, has managed to sell more volumes. Two deals for 25,000 mt for ex-Russia 100 mm billet were signed to the Philippines at $500/mt CFR and $510/mt CFR last week. This is in addition to a deal for 10,000 mt of ex-Russia 100 mm billet to Thailand at $490/mt CFR.