Posted on 21 Nov 2022
The Southeast Asian billet import market was quiet last week as suppliers sought to raise offer prices, Kallanish notes. Sellers are bullish on improved market sentiment in China, whereas importers are not convinced that any price uptick is sustainable.
Offers for 3sp grade 130/150mm billet are prevailing at $515-520/tonne cfr Manila and for 5sp grade billet at $520-525/t cfr. These are quotes from traders for open-origin billet from ASEAN and China, a Manila trader says. An Indonesian blast furnace mill offered on Thursday 5sp grade billet at $520/t cfr Manila and 3sp grade billet at $515/t cfr, a Singapore trader observes. Vietnamese induction furnace billet is still quoted at $505/t cfr.
Offers rose $5/t on-week for 5sp grade, a Manila importer notes. “There is still the question of sustainability,” he adds. Buyers are staying away partly due to lack of conviction that the higher prices will stick, a Manila trader opines. Moreover, local rebar demand and prices are still stagnant. “We doubt it [the market] will pick up heading into the Christmas season,” he adds.
Kallanish assessed 5sp/ps or Q275 120/125/130mm square billet at $510-515/t cfr Manila, up $5 on-week.
In Indonesia, offers for ASEAN-origin 3sp grade billet for December/January shipment are at around $515-520/t cfr Jakarta, importing sources say. The offer was for Malaysian or Vietnamese material, but the trader who offered did not specify which, a re-roller says. He adds he does not think buyers were keen because “the market is bad”.
Source:Kallanish
