Chinese buyers' absence fails to halt rising Southeast Asian billet import prices

Prices in Southeast Asia’s steel billet market continued to climb during the week to Friday November 29 despite the absence of Chinese importers from the spot market.

Chinese importers are wary of softer domestic demand for material arriving in January because of reduced construction activity during winter and the upcoming Lunar New Year holiday, a trader in Hangzhou said.
The Lunar New Year holiday is officially observed in China from January 24-30, although many market participants will be away for up to a week before and after this period.
The same Hangzhou-based trader said that poor weather conditions had resulted in delays for vessels unloading cargo at ports in Jiangsu province, a major entry point for imported billet, which dampened buying interest from importers.
The price of billet in Jiangsu province was 3,640-3,690 yuan ($518-525) per tonne on November 29, widening upward by 10 yuan per tonne from a week ago, according to a local billet trader.

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Published

Lee Ken Kiat

November 29, 2019

10:02 GMT

Singapore