Posted on 23 Oct 2024
Chinese billet export prices are slipping this week, Kallanish notes.
Export offers for 3sp 150mm Chinese-origin billet for December shipment are prevailing at $460-470/t fob, down from $480/t fob last week. Offers to Turkey are lower too and are heard at $500/t cfr.
In Indonesia, Chinese origin 5sp 0.7% Mn is offered at $493/t cfr Jakarta and South Korean origin 5sp billet at $510/t cfr.
“EAF mills are considering exporting billet because of the weak Korean currency and very soft debar market,” a trader in Seoul says. “At $510/t nobody will buy though,” he adds.
A 10,000t order was heard to have concluded at around $490/t cfr Manila for 130 mm 5sp open-origin billet, early-January shipment.
Traders are currently offering 5sp 150mm billet for January shipment at $485/t cfr Manila. These open origins are for ASEAN or Chinese origins and will be determined by the sellers.
There could be more deals transpiring soon, Philippine market sources say.
"Many customers may have to start booking orders soon as shipment is now mostly for January," a Manila trader notes.
Meanwhile, a leading Indonesian mill has raised its billet export price by $5/t to $485/t fob on Monday. The mills offer is for February shipment.
“No one cares for the offer because its price is so high,” a Jakarta trader says.
The mill’s export price for slab is $485/t fob for December shipment and $505/t fob for wire rod with January shipment.
The billet market in ASEAN and China has been volatile with rapid price movements.
“The futures market is very hard to read so it is very hard to execute orders,” a Chinese trader says.
Source:Kallanish
