Posted on 17 Mar 2025
The ASEAN import and Chinese export markets are seeing prices increases, Kallanish notes as overseas demand for ASEAN billet picked up last week amid rising scrap and steel prices in other markets.
Indonesia’s Dexin Steel was steadily raising export prices for May-shipment 3sp 150mm billet last week after concluding good sales outside Asia.
It raised its 3sp 150mm billet price to $455/tonne fob. This is the third consecutive daily increase after its billet prices reached lows of $435/t fob on 11 March. A Chinese trader was heard to have closed 50,000t at $435/t fob on that day, possibly to Sri Lanka.
Subsequent bookings at around $440/t fob are believed to have been sold to the Middle East and Turkey. A trader reports over 10,000t of Dexin’s billet concluded at $445/t fob on 14 March but this was not widely heard.
Current offers for 5sp 150mm billet of open origin, either Chinese or ASEAN-origin for May shipment were at $465-470/t cfr last Friday compared to $460/t cfr Manila, the week before.
Market demand remains weak, according to local trading sources.
“[Even an offer of] 455/t was already a hard sell early in the week,” a local trader said last Friday.
Kallanish assessed 5sp/ps or Q275 120/125/130mm square billet at $465-470/t cfr Manila, up $5/t on-week.
In Indonesia, Chinese billet prices have risen too. Chinese 3sp 150mm billet were offered at $460/t cfr and for 5sp billet, $465/t cfr last Friday. “Dexin’s billet offers have just risen to above $470/t cfr,” a Jakarta manager says.
A Chinese trader was heard to have sold 20,000t Chinese 3sp 150mm billet cargo at $442.5/t cfr Indonesia on 11 March.
Meanwhile, Chinese billet exporters are complaining that Southeast Asian customers have not increased bid prices from Monday despite the billet price uptrend. Chinese domestic prices increased by CNY 20/t ($2.8/t) on Tuesday and Wednesday, making it hard for them to make an export deal.
In China, 3sp billet in North China rose around $6/t on-week to $447/t last Friday as the most traded May 2025 rebar contract on Shanghai Futures Exchange rebounded by CNY 58/t from last Wednesday to Friday.
Source:Kallanish
