Prices for steel billet imported to Southeast Asia rose over the last seven days with mills in the region forced to keep pace with Chinese consumers, market participants told Fastmarkets on Tuesday August 11.
Southeast Asia import billet prices had flatlined in the June-July period, but a resurgence of purchasing in China over the last month has inflated offer prices in the region,.
At least one re-roller in Malaysia purchased 3sp-grade induction furnace (IF) billet from India at $439 per tonne cfr on Tuesday, Fastmarkets heard, while deals for 3sp IF billet from India and Vietnam were heard at $433-435 per tonne cfr Manila earlier this week. The deal to Malaysia was inflated by a need for prompt shipment, Fastmarkets was told.
Manila received offers at $440 per tonne cfr for 3sp-grade, 160x160mm square billet from an IF mill in Indonesia.
Market participants estimate...