Southeast Asia import billet prices had flatlined in the June-July period, but a resurgence of purchasing in China over the last month has inflated offer prices in the region,.
At least one re-roller in Malaysia purchased 3sp-grade induction furnace (IF) billet from India at $439 per tonne cfr on Tuesday, Fastmarkets heard, while deals for 3sp IF billet from India and Vietnam were heard at $433-435 per tonne cfr Manila earlier this week. The deal to Malaysia was inflated by a need for prompt shipment, Fastmarkets was told.
Manila received offers at $440 per tonne cfr for 3sp-grade, 160x160mm square billet from an IF mill in Indonesia.
Market participants estimate...