Prices for cargoes of steel billet imported into Southeast Asia have risen over the past week amid tighter supply, but high stocks and very difficult weather in the Philippines were damping the prospects of further increases, market sources told Fastmarkets on Tuesday November 3.
Billet prices into Southeast Asia have moved up slowly over the past fortnight following deals into the Philippines and new sales into China at higher prices.
Fastmarkets' daily price assessment for
steel billet, import, cfr Southeast Asia, which mainly looks at 120-150mm 5sp grade billet sold into the Philippines, was $455 per tonne cfr on Tuesday, narrowing upward by $5 per tonne from $450-455 per tonne cfr both day on day and week on week.
Japanese 3sp billet was sold at $450 per tonne cfr Philippines last week, while a deal for 5sp Iran-origin billet was heard at $438-441 per tonne cfr Indonesia.
China purchased Japan-origin 3sp billet at $440 per tonne cfr late last week, while Indonesian blast-furnace (BF) billet sold at $454 per tonne cfr China last week, which was an increase of $3 per tonne from the previous similar deal.
Fastmarkets' daily price assessment for steel billet,...