Posted on 08 Jan 2021
The billet market continues rise strongly in Asia. Prices for commercial billet are touching the $600 mark, Kallanish notes.
A leading reroller in the Philippines ordered on Wednesday minimum 0.7% manganese 150mm square billet from Russia at $610/tonne cfr Philippines. Trading sources estimate that such high-manganese content billet can now cost around $10/t higher than commercial grade billet.
The Russian mill was heard to have sold same grade billet at $600/t cfr Manila early this week, trading sources report.
On Tuesday, an Indian mill did not accept the highest bid price of $562/t fob in its export tender for a 30,000t cargo of 3sp/4sp billet for February shipment. "This was cancelled because the mill was aiming for $565-570/t fob," a Mumbai-based trader says. The mill is re-tendering the same cargo on Thursday (7 January), Kallanish notes from the company’s website.
A Chinese trader reports hearing alloy square bar (billet) offered from China at $588/t cfr SE Asia earlier this week. Such offers for Chinese square bar were heard booked at $545/t cfr Philippines in mid-December. A regional trader says he has not heard of the latest Chinese billet offers but adds: "Looks like they will not deliver the $545/t booked,"
Source:Kallanish
