Prices for import billet have been rather stable in the Southeast Asian market over the past week, but only limited restocking has been seen recently ahead of the Chinese New Year holiday, while buyers have still been looking for discounts.
The tradable level for 150 mm 5SP billet in the Philippines is stable at $455-460/mt CFR. “I think it is possible to find slightly below $460/mt CFR. For sure, some buyers will restock. But I believe the volumes will lack energy because business is slow,” a Manila-based source said. A few traders have confirmed $460-465/mt CFR in offers for 5SP, but at least one mill in the Philippines has failed to find its targeted $450/mt CFR.
A deal for 5,000 mt for Chinese 3SP was signed at $457/mt CIF Thailand for early March shipment last week, signaling that some buyers managed to find discounts of at least $3/mt on initial offers. “Demand is weak here. Only those in need of a turnaround might need to buy, otherwise it is not worth doing,” one Bangkok-based source said. A few other sources have said that after a long pause some offers for ex-Iran billet have been heard at around $445/mt CFR or slightly below, which should be more acceptable to importers.
The SteelOrbis reference price is stable at $455-460/mt CFR.
