Supply glut exerts pressure on Southeast Asia billet import prices

Growing billet supplies from other Asian countries have begun to weigh on prices in the Southeast Asian market, sources told Fastmarkets on Friday March 6.

Market participants said these countries, which include Japan and South Korea, have begun to target export markets due to slowing demand in their domestic markets due to the spread of the novel coronavirus (2019-nCoV) outbreak.
South Korea had recorded 6,284 2019-nCoV infections and 40 deaths from Covid-19 (the disease caused by the virus) as of March 6 - the highest number of total cases outside of China. Japan, meanwhile, has reported 364 infections and 6 deaths.

Fastmarkets’ daily price assessment for steel billet, import, cfr Southeast Asia, which mainly looks at 120-150mm 5sp grade billet sold into Manila, was $415-418 per tonne on March 6, narrowing down by $2 per tonne from the previous day. The price also narrowed by $2-5 per...

Published

Lee Ken Kiat

March 06, 2020

09:26 GMT

Singapore