Though overall demand has not improved significantly over the past week in Southeast Asia, the tradable value for imported billet has increased by another $5/mt and most suppliers have been insisting at above $435/mt CFR.
In the Philippines, offers from most major exporters from Russia, India and traders have been reported at $435-440/mt CFR. Ex-Japan billets have been offered at $445/mt CFR. There have been reports about a sale of Russian 100 mm billet at $435/mt CFR Manila, but as SteelOrbis learned it was done before this week. Last week the ex-Vietnam induction furnace billet was sold by a trader at $432/mt CFR Manila. The price level has been pretty high for last week, but seems attractive for this week. “Suppliers [from different countries] are targeting $435/mt CFR minimum,” one of the buyers in the Philippines said.
Early this week there were reports about a sale of Russian billet at $428/mt CFR to the Philippines, but a number of sources agreed that this level is not reflecting current market conditions and is probably reflecting supplier's urgent need to sell. “The market quote is $435-440/mt CFR now,” a major trader said.
There has been a rumor that ex-Russia billet has been sold to Thailand at above $435/mt CFR for November shipment, according to sources. Offers for ex-India billet have been at the same level. Ex-Iranin billet has been available at $430-435/mt CFR Thailand. The information about a contract at $425/mt CFR from Iran to Thailand has not been confirmed by the time of publication and has been assessed as too low by some market sources.
“The lower numbers are only indications, if you really want a firm offer and want to buy [not Iranian billet], the real price would be $440-445/mt CFR,” a major billet importer from Southeast Asia said.
SteelOrbis reference price for imported billet in Southeast Asia has increased by $5/mt over the week to $435-440/mt CFR.
