Offer prices in the Southeast Asian billet market have increased faster this week as some suppliers, from Russia and Vietnam in particular, have managed to conclude new deals at higher levels. The SteelOrbis reference price for billet in Southeast Asia has added $10-15/mt this week, reaching $410-420/mt CFR (ex-Iran offers or deals are excluded from the range).
A deal from a Far Eastern Russian supplier has been done at $415/mt CFR to Thailand recently. Though most market sources said that this level is high for most customers in the country, especially compared to the previous deal at $395-400/mt CFR, it has been hard to find offers from major suppliers at lower levels this week.
Moreover, according to reports, a trader has booked 40,000 mt of billet from one of the major producers in Vietnam at $405/mt FOB (equivalent to $415/mt CFR Southeast Asia).
“We have not received offers below $415/mt CFR this week,” a rebar producer from the Philippines said. Customers in the Philippines have been cautious, foreseeing a further price increase. There have been no reports of fresh deals at the time of publication.
Offers from Iranian billet suppliers have also moved up, by $10-15/mt to $395-400/mt CFR, while there has been a deal concluded in this range to Thailand recently, according to sources.