Asia steel billet price seeks stability after turbulent start to week

Falling futures and domestic billet prices in China late last week led to a sharp drop in import offer prices for the semi-finished material, but prices have since started to stabilize slowly over the last day, sources told Fastmarkets.

Offers for Indonesia-origin 3sp billet were heard at $760 per tonne cfr China with offers at the same price into the Middle East on Tuesday May 18. That is down from sales prices of $800 per tonne cfr China for the same material last week.
With the sharp drop in Chinese steel prices at the end of last week and the decreasing market sentiment that propelled this, some bids were heard as low as $700 per tonne cfr China for Japanese 3sp billet on Monday. But sources said that this was more to test the waters rather than signaling a true workable buying level.

Offer prices for standard 5sp billet have been heard at $760-770 per tonne cfr Manila this week,...

Published

Lee Allen

May 18, 2021

13:14 GMT

Singapore