SE Asia: Imported billet offers rise amid positive sentiment from China
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Imported billet prices in Southeast Asia edged up this week. Market participants were active as Chinese players are procuring material prior to upcoming holidays in the first week of October, dragging billet offers up.
BigMint's bi-weekly assessment of billets (150 x 150 mm, 3SP) imported by the Philippines rose by $5/t to $465/tonnes (t) w-o-w CFR Manila. Billet import offers stood at the range of $465-470/t CFR Manila.
The market has reached a standstill after a sharp price surge earlier this week, fuelled by the upcoming holidays and expectations of stimulus measures. However, traders have noted that buyers are struggling to keep up with the rapid increase.
Market highlights
- Vietnam's billet export offers stable w-o-w: Vietnam's blast furnace (BF)-grade billet export offers remained stable w-o-w at $465/t FOB.
- Thailand's billet import offers were recorded at $485-490/t CFR, rising by $10/t w-o-w.
- Chinese billet prices hike w-o-w: Billet prices in Tangshan increases by RMB 150/t ($21/t) to RMB 3,050/t ($435/t) w-o-w (inclusive of 13% VAT) on 27 September. Volatility in finished steel prices and rebar futures have supported billet prices. SHFE rebar futures (January 2025 delivery) inched up by RMB 17/t ($2/t) to RMB 3,200/t ($456/t) w-o-w on 27 September.