Metal Bulletin’s assessment of import prices for billet in Southeast Asia was $535-545 per tonne cfr for the week ended Monday April 9, down $5 per tonne from a week earlier.
Deals involving Middle Eastern billet were concluded to Indonesia at $545 per tonne cfr, while China-origin cargoes were booked by buyers in the Philippines at the same price, sources said.
“It’s surprising to hear bookings for Chinese materials in the Philippines,” a South Korea-based trader said. Buyers in Southeast Asia have been wary of buying from China due to fears of non-delivery.
Most transactions heard over the past week involved Chinese cargoes.
China was on holiday last Thursday and Friday for the Qingming Festival, or tomb-sweeping day, which slowed the market down. Suppliers in other countries were waiting for Chinese mills to return on Monday before offering their cargoes, traders said.
“We expect sellers...