SE Asia: Imported billet offers rise w-o-w on improved trades

Imported billet prices in South East Asia edged higher this week. Global ferrous scrap prices rose sharply last week with Turkiye's imported scrap prices moving up by around $15-20/t w-o-w which supported billet prices.

Imported billet offers have increased to $540/t CFR Manila in this week. However, bids are at around $520-525/t CFR, trader sources highlighted.

A few active deals were heard by Indonesia-based mills that sold some cargoes to traders at $505/t FOB. A Malaysian company sold 15,000 t of billets at $530/t CFR.

Although overall offers are higher, buyers are considering entering into Christmas vacation mode earlier than usual due to poor demand, a trader said.

SteelMint's bi-weekly assessment for billet (150x150mm, 3SP) imported by the Philippines currently stands at $538/t CFR Manila rising by $23 w-o-w.

Market highlights

• Vietnam's billet export offers inch up: Vietnam's BF-grade billet export offers increased by around $5/t as against last week. Current offers are at around $520/t FOB. However, no active deals have been reported so far at current offers.
  
  
• Thailand's imported billet prices rise: Imported billet offers stood at around $530-535/t CFR, up by $20-25/t w-o-w, as per sources. Also, offers from Iran were heard comparatively stable at $485-490/t CFR w-o-w. As per sources, Iran sold some material to Indonesia at $495/t CFR.
  
  
• Philippines billet import offers up: Philippines's billet import offers increased to around $540-545/t CFR.