Metal Bulletin’s assessment of import prices for billet in Southeast Asia was $540-555 per tonne cfr for the week ended Monday February 26, up $5 per tonne from a week earlier
Prices increased after trading activity picked up after the Lunar New Year.
But not many transactions were heard because the bid-offer spread remained too wide.
Few offers were also issued due to strong bullish sentiment in the market, and with some participants waiting for clearer price directions from China. Offers from Asian suppliers, especially India, were limited because of better rebar prices in those countries’ domestic markets, a trader based in the Philippines said.
Deals involving cargoes from the Commonwealth of Independent States were heard done at $555 per tonne cfr. Transactions involving Chinese billet were also said to have been concluded at the same price, although market sources could not confirm the information.
“Offers are moving up...