Posted on 19 Jul 2021
Southeast Asian billet importers are slow to follow China’s price lead due to its recent buying spree, Kallanish notes.
In Manila, exporters hiked offers in tandem with rising transaction prices in China. Russian 130mm 5sp billet is offered at $710/t cfr, up from $700/t cfr a week ago. Indonesian blast furnace billet, $720/t cfr. There is still an offer for Thai induction furnace billet at $680/t cfr, while offers for induction furnace billet from Vietnam have jumped up to $700-705/t cfr.
Some traders heard Russian 125mm 5sp billet was booked early week at $690/tonne cfr Manila but others say that negotiations were still ongoing on 16 July
The Manila market has shown little reaction amid the strong uptrend in China, an importer notes. “There’s no fireworks. Most buyers flocked to book Vietnamese and Thai induction furnace billet when prices were at $660-670/t cfr. There is not much appetite to book more,” he observes. Vietnamese induction furnace 5sp billet concluded at $670/t cfr Manila during 9 July week. "Demand hasn’t been great but it’s not zero either," a Manila trader says. He has managed to close deals.
Kallanish assessed 5sp/ps or Q275 120/125/130mm square billet on Friday at $690-695/t cfr Manila, up $15 on-week.
Source:Kallanish
