Billet import prices in the ASEAN region have shown signs of stabilization following a rebound in Chinese futures markets. After a rapid decline over the previous two weeks, prices remained steady last Friday, with offers for open-origin 3sp 150mm billet at approximately $480 per tonne cfr Manila, unchanged from earlier in the week but down $10 from the previous Friday. The premium for the 5sp grade is noted to be around $5 per tonne.
An Indonesian mill reported selling 3sp 150mm base grade billet at $460 per tonne fob last Friday. Additionally, on July 25, 20,000 tonnes of the mill’s billet were sold to Manila at $459 per tonne fob. A Manila trader suggested that this transaction might cover a previous short sell. The rebound in Chinese futures prices has reportedly halted further declines in the market, although some traders believe this stabilization may be temporary.
In Indonesia, prices for Chinese billet also saw a decrease last week, with offers for Chinese-origin 3sp 150mm billet at $475 per tonne cfr, down from $480 per tonne earlier in the week. A buyer indicated that Chinese 5sp 150mm billet for September shipment was offered at $483 per tonne cfr Jakarta, with the supplier appearing to be selling short. Kallanish assessed the price for 5sp/ps or Q275 120/125/130mm square billet at $490-495 per tonne cfr Manila, reflecting a $5 decrease from the previous week.
