Posted on 09 Nov 2020
The Philippine billet import market continued to reflect a price gap between buyers and sellers, Kallanish notes. Suppliers continued to hike offers amid buying support in China.
A 24,000-tonne cargo of Russian 125mm billet was offered and booked last week at $452/tonne cfr Manila. The cargo, possibly for January shipment, was booked either Thursday or Friday, a buyer reports.
Another Russian mill is offering January shipments for 100mm square billet at $455/t cfr, and 130mm billet at $460/t cfr. No deals are heard to have taken place, Manila-based trading sources say. "Offers to the Philippines are at $455-460/t cfr, but there are mainly no transactions," a regional trader says. Japanese EAF billet was ordered the previous week at $450/t cfr Manila.
A 10,000t cargo of Vietnamese induction furnace billet for December shipment was ordered at $455/t cfr Manila. The buyer needs quick shipment, a Vietnamese trader reports. Offers for Vietnamese induction furnace billet have since risen to $460-465/t cfr Manila. Vietnamese blast furnace billet is now tagged at $470/t cfr Manila.
On Friday, Kallanish raised its 5sp/ps or Q275 120/125/130mm square billet assessment to $452-455/t cfr Manila, up $2 on week.
Meanwhile, in China, billet prices are creeping up. Late last week, there were bookings for ASEAN blast furnace 150mm square billet for December shipment at $455-457/t cfr China. These were from Indonesia and Vietnam at $457/t cfr and $455/t cfr respectively. The Indonesian mill has now raised its billet offer to $470/t cfr, a Chinese trader notes. Domestic billet prices are rising. In Tangshan, billet prices are now prevailing at CNY 3,510/t ($530/t), up CNY 60/t on-week.
Source:Kallanish
