Posted on 10 Mar 2025
The ASEAN import and Chinese export markets were quiet last week with no clear positive news for the country’s steel construction industry from the ongoing China National People’s Congress meetings in Beijing, Kallanish notes.
A leading Philippine reroller was heard to have booked 20,000 tonnes of Chinese 5sp 150mm billet for late-April shipment at $460/tonne cfr Manila around 3 March. Some Chinese trading sources think that the Chinese billet will be shipped without full payment of VAT because of the low booking price for 5sp billet.
Current offers for 5sp 150mm billet of open origin, either Chinese or ASEAN-origin are prevailing at $460/t cfr Manila. Previous orders in February for same grade and size billet were just under $455/t cfr Manila.
The mood of the market is “quiet to very quiet,” a Manila trader says. “Once again, the Two Sessions turned out to be a bust. It’s much ado about nothing,” he says. Buying sources are saying that they see risk in booking 5sp 130mm billet at $455/t cfr, he adds. Weak demand for construction steel has limited buying and prices from rising.
Kallanish assessed 5sp/ps or Q275 120/125/130mm square billet at $460-465/t cfr Manila, up $5/t on-week.
Indonesia’s Dexin Steel was offering its 3sp 150mm billet for May shipment at $445/t fob last Friday, $5/t lower on week. Freight costs from Dexin's Sulawesi plant to Manila is around $15/t. Importing sources in Jakarta report hearing some recent deals for Chinese 5sp 150mm billet at $460-465/t cfr Indonesia.
In China, 3sp 150mm billet fell for the second consecutive week to around $441/t last Friday, down $6/t on-week, as the most traded May 2025 rebar contract on the Shanghai Futures Exchange slipped by CNY 76/t ($10/t). The rising Yuan to US dollar exchange rate has caused some traders to withhold their quotes or to set 3sp 150mm billet offers at the minimum at $450/t fob last Friday.
Source:Kallanish
