Posted on 18 Apr 2023
The billet import market in Manila continues to be negative as suppliers try to undercut each other to close deals, Kallanish notes. However, buyers are not enticed and are unwilling to place orders in the falling market.
Offers for 5sp grade 130/150mm billet for May shipment from ASEAN and China are prevailing at $560-565/tonne cfr Manila, importing sources say. These prompt shipment cargoes are $20/t lower than 7 April. Offers for 5sp billet from multiple mills for June shipment were at $575-580/t cfr Manila on Wednesday, a trader reports.
A 10,000-tonne cargo of Vietnamese induction-furnace 5sp 130mm billet for shipment by mid-June is offered at $555/tonne cfr Manila. An offer from the same mill on 7 April was at $560/t cfr.
Philippine buyers are out of the market now and they are not keen to bid, Manila traders say. A Manila trader adds that he has not personally seen the market "this bad for quite a while.” Another says that the main billet importers he has contacted are “definitely” unwilling to bid now. “We haven’t seen the bottom of this,” he adds.
Kallanish assessed 5sp/ps or Q275 120/125/130mm square billet at $560-570/t cfr Manila, down $17.5 on-week.
Source:Kallanish
