Posted on 24 Jul 2023
The ASEAN billet import market remains soft and quiet, Kallanish notes. Over the past week, Chinese billet prices were buoyant in tandem with the stronger Chinese steel futures market. The appearance of Saudi Arabian billet in the Philippines generated some interest.
ASEAN blast furnace billet offers from traders are heard at $510-520/tonne cfr Manila, with the lower end of the range for 3sp grade and the higher for 5sp grade. Most of the ASEAN billet offers are from a certain Indonesian mill which is heard to be offering its 3sp grade billet at $500-505/t fob.
A cargo for 20,000-25,000 tonnes of 5sp 150mm billet from China was heard ordered at $515/t cfr Manila during the week through 14 July. However, regional trading sources say that offers for Chinese billet for September shipment are firm at $510/t fob, which would translate to $530-535/t cfr Manila.
Market sources in Manila pointed on Friday to the rare appearance of Middle Eastern billet offers. Saudi-origin 5sp billet for end-August shipment was offered at $513/t cfr Manila.
After a cargo of Russian 5sp billet was booked at $510/t cfr Manila on 14 July, no more supply of Russian billet was heard during the past week. However, in Taiwan, 150mm 3sp billet from Russia, for September/October shipment, is offered at $505-510/t cfr. Taiwanese buyers are bidding much lower, at $490/t cfr, a Kaohsiung trader says. The above-mentioned Indonesian mill’s 3sp billet is currently offered at $510/t cfr Taiwan.
Kallanish assessed 5sp/ps or Q275 120/125/130mm square billet at $515/t cfr Manila, down $2.5 from the previous week.
In Thailand, Iranian and Indonesian billet is each offered at $510/t cif. Thai buyers are bidding at $495/t cif, Bangkok-based trading sources say.
Source:Kallanish
