Southeast Asia steel billet offers pushed up by fresh China bookings

China’s re-emergence in steel billet import markets is forcing offer prices upward in Southeast Asia for the semi-finished material, even if buyers in that region are reluctant to accept higher prices, sources have told Fastmarkets.

Prices for steel billet imported to Southeast Asia have stagnated since the beginning of June, largely due to China’s absence from significant billet buying from mid-June all of the way up until last week.
Rising domestic steel prices in China, supported by bullish futures markets, have led to mills returning to the market for imports of billet at progressively higher prices.

China was heard to have bought 60,000 tonnes of Vietnamese blast furnace (BF) billet at $423 per tonne cfr China in recent days, while a deal for 30,000 tonnes of Oman-origin billet was bought at $413 per tonne cfr China. Induction furnace (IF) billets from Vietnam were sold...

Published

Lee Allen

July 14, 2020

09:48 GMT

Singapore