The tradable prices for import billet in Southeast Asia have been rather stable after the recent increase last week. But trading has been limited as buyers have failed to find cheaper offers even from alternative sellers.
Most Chinese offers for Asian 5SP billets have been at $450-460/mt CFR in the Philippines, which is slightly higher than $450/mt CFR a week ago, while for 3SP prices are at $447-448/mt CFR. But there have been no deals reported after some sales rumored at $450-455/mt CFR for 5SP and at $447/mt CFR for 3SP. Also, Japanese 5SP billet has emerged in the Philippines at $455/mt CFR. “I think the tradable level is Manila should be at $450/mt CFR as no lower option is available,” a trader said.
Chinese origin 3SP offers have been mainly at $450/mt CFR in Thailand, and only some traders have given $445/mt CFR for this grade in Indonesia. Offers for ex-Indonesia billet stand at $450/mt CFR, down by $2-3/mt from last week after Dexin Steel cut its official offer for February to $432/mt FOB (-$3/mt).
There are no cheap offers for Iranian billets, according to market sources. “Even Iran is not offering below $445/mt CFR, so buyers avoid any purchases,” a source said.
The SteelOrbis reference price for import billet in Southeast Asia is stable at late last week’s level of $445-455/mt CFR, but up by $5/mt from ten days ago.
