Posted on 25 Sep 2023
Suppliers’ offers for billet in the Philippines are creeping up, Kallanish notes. Russian and Iranian billet appears to have gained interest in the region because of its more attractive pricing.
Offers for 5sp grade 130/150mm billet for November shipment for unspecified ASEAN/Chinese origin rose to $520-525/tonne cfr Manila, up from $515-520/t cfr a week ago. A Philippine reroller is heard to have booked 5sp 125mm billet from Russia during 15 September week at $515/t cfr Manila. A previous Russian order took place at $510/t cfr around three weeks ago.
“There is hardly any buying interest,” a Manila trader said on Friday. He has heard of billet cargoes being due for arrival soon in Manila. These include two cargoes of Russian-origin 3sp 100mm square billet booked at $480/t cfr and at $505/t cfr respectively. Also, another vessel comprising 3sp 100mm billet from another Russian mill booked at $500/t cfr, combined with 5sp 125mm billet from a third Russian mill booked at $510/t cfr is due in October.
Russia's announced export duties on steel have not affected the market, a regional trader says. But some others says it was too early to say.
Kallanish assessed 5sp/ps or Q275 120/125/130mm square billet at $515/t cfr Manila, up $2.5 on week.
In Indonesia, Iranian 5sp 150mm billet for November shipment is currently offered from various traders at $512-520/t cfr Jakarta, importing sources say. Buyers in Indonesia are basing their bids for billet on Iranian prices, a Chinese trader says, adding however that Iranian billet trading involves large risks. He has not heard of any deals during the past week. "They are waiting for the local market to improve; all steel products are weak now," he observes. Chinese-origin 5sp 0.8% Mn content billet can be secured at a much higher $535/t cfr and for 0.7% Mn at $530/t cfr, he says.
A leading Indonesian blast furnace mill raised 3sp billet export price to $510-515/t fob, up from around $500/t fob. The mill was offering 3sp billet at $535/t cfr Jakarta on Tuesday.
In Thailand, a stalemate continues. Iranian 3sp and 4sp grade November-shipment billet is still being offered at $505-510/t cfr Thailand. "But bids are still below $500/t cfr," a Bangkok trader noted on Friday. In Vietnam, Malaysian-origin 3sp grade billet is offered at $515/t cfr. “The offer price is negotiable,” a Vietnamese mill source says.
Source:Kallanish
