Posted on 12 May 2025
The billet market was relatively stable in ASEAN but slipped in China last week, Kallanish notes.
In Manila, offers for June/July-shipment 5sp 150mm billet of open origin, either Chinese or ASEAN, remained stable at $448-450/tonne cfr – unchanged from the week before. Most buyers are aiming to book at under this level. “I was hearing of interest at $445/t cfr maximum,” a Singapore trader reports.
However, a deal for under 10,000 tonnes of 5sp 130mm open-origin billet for July shipment did conclude at $445-$450/t cfr Manila, local trading sources note.
A cargo for Russian 5sp 125mm vanadium-added billet transacted last week at $465/t cfr Taiwan, a Manila source reports hearing. That would be equivalent to $450/t cfr to the Philippines. However, Kallanish was unable to confirm the deal at the time of publication.
Kallanish assessed 5sp/ps or Q275 120/125/130mm square billet at $445-450/t cfr Manila, up $1/t on-week.
Indonesia’s Dexin Steel was offering 3sp 150mm billet for July shipment at $435/t fob on Friday, up $5/t from 7 May.
In China, the 3sp 150mm billet price fell to $424-425/t fob last Friday, down $4/t week-on-week, while the most traded, October rebar contract on Shanghai Futures Exchange fell CNY 72/t ($9.90) versus the earlier week.
Some trading sources report bids from overseas buyers had come down to around $420/t fob, but it seems bids dropped even lower at the end of last week. A trader reports receiving bids at $415-420/t fob last Thursday. Due to the bid-offer disparity, no recent deals were heard to have closed.
Source:Kallanish
