Tradable import billet prices have declined in Southeast Asia this week, following some declines seen in the local market in China. At the same time, a number suppliers have decided to step back, thinking that prices have only limited room to go down.
The SteelOrbis reference price for imported billet in SE Asia has lost $8-10/mt over the week to $520-525/mt CFR. Offers for 5SP EAF/BOF billet for Asian origin have been reported at $530-535/mt CFR Manila, but the tradable level has been $10/mt lower. The workable price for IF material is assessed at $510-515/mt CFR, down from the previous deal for Malaysian IF at $518/mt CFR. “Many sellers have either pulled offers or have gone silent this week,” a Manila-based source said. A deal for 26,000 mt of ex-Far East Russia billet has been rumoured at $520/mt CFR to the Philippines, but this information has been denied by the alleged seller. The price is $5/mt below the targeted level by Russian sellers last week.
“The reported very recent interference by the Chinese Communist Party in the steel markets has once again spooked ore and steel prices and let out some air in the general price rally in November,” a Manila-based re-roller said.
Iranian billet offers have been at $510-515/mt CFR in Indonesia and Thailand, higher than the previous deal at $505/mt CFR to Indonesia, but still among the most competitive.
Offers for ex-Russia billet in Taiwan have been at $515-520/mt CFR for February shipment, though earlier shipment is also available.
