Metal Bulletin’s assessment of import prices for billet in Southeast Asia was $545-555 per tonne cfr for the week ended Monday May 28, down $1-2 per tonne from a week earlier
Several cargoes from Saudi Arabia, India and the Commonwealth of Independent States were heard sold to re-rollers in the Philippines at $555 per tonne cfr late last week.
The Indian material booked was likely a 13,000-tonne position cargo of 125mm billets, sources in Asia said.
A few transactions involving Chinese cargoes were heard concluded at around $545-555 per tonne cfr to the Philippines.
China’s billet export prices weakened over the past week, following the drop in the country’s domestic and export rebar prices. The Metal Bulletin fob China Rebar Index was at $546.67 per tonne on May 28, down $5.41 from May 21