Surging Chinese steel prices drag up SE Asia billet market

Prices for steel billet imported to Southeast Asia have been heavily inflated amid bullish Chinese steel markets this week, market participants told Fastmarkets on Tuesday November 10.

Increasingly strong Chinese steel prices over the last week have led to a surge in steel billet offer prices to the Manila market, despite muted buying interest amid high stock levels in the Philippines. Buyers in Thailand and Indonesia remained out of the market.
Offer prices - which were at $455-460 per tonne cfr Manila for 5sp billet most of last week - have risen to above $470 per tonne cfr in recent days.
Vietnamese induction furnace (IF) billet was offered at $472 per tonne cfr Manila, while Indonesian blast furnace (BF) billet was available at $475 per tonne cfr on Tuesday.

Bids from buyers in Manila have remained largely rangebound, however, with inquiries for Japanese 3sp billet...

Published

Lee Allen

November 10, 2020

11:00 GMT

Singapore