The billet import market was flat last week in Manila, Kallanish notes. Buying interest appeared to be confined to induction billet because Indian material was cheaper, trading sources in Manila say.
Last week, some orders for Indian induction billet were taken at around $533-536/tonne cfr Manila. Vietnamese billet was offered the week before at nearly $540/t cfr Manila but Vietnamese offers were absent last week, traders say.
Apart from Russian 100mm square billet that was offered at $545/t cfr, offers for non-induction furnace billet seemed to have dried up, some traders say. Japanese EAF billet was booked the week before at $546-548/t cfr Manila.
Another trader heard Russian billet offered at $550/t cfr Manila. Buyers wanted to refer to Indian prices and showed little interest for anything else, he said. Induction billet was depressing the market price, he added.
On Friday Kallanish maintained its weekly 5sp/ps or Q275120/125/130mm square billet price at $545-548/t cfr Manila.