Posted on 07 Apr 2025
The billet import market continues to weaken in ASEAN, Kallanish notes.
Uncertainties over the US tariffs and its wide-ranging impact, as well as the Chinese public holiday on Friday dented market sentiment last week.
Indonesia’s Dexin Steel lowered its 3sp 150mm billet target export price further to $435/tonne fob on Friday. The mill started lowering its billet prices at the start of last week. Its offer price was $455/t fob from mid-March until 30 March. Chinese trading sources had blamed the softening of China’s SHFE for the decline in Dexin’s billet prices.
“Everybody is just waiting to see how the impact of [the] tariffs plays out,” a regional trader says regaridng the sluggish market.
“US President Donald Trump’s reciprocal tariff war is turning the world upside down,” a Manila trader notes. The public holiday in China on Friday has also contributed to the quiet market, he says.
Offer prices for 5sp 150mm billet of open origin, either Chinese or ASEAN-origin for May shipment were around $455-560/t cfr Manila on Friday, down from $465/t cfr through the week of 28 March.
In the Philippines, a leading reroller is heard to have booked 5sp 150mm for May/June shipment mostly at $460/t cfr during the week ending 28 March. It may have also booked a few deals slightly lower at $457/t cfr, another trader says. But other rerollers were bidding at lower at $450/t cfr, he adds.
Kallanish assessed 5sp/ps or Q275 120/125/130mm square billet at $455-457/t cfr Manila, down $6.5/t on-week.
Source:Kallanish
