Asia steel billet import markets rangebound after Russia-origin deals

Prices for cargoes of steel billet imported into major Asian markets have remained largely unchanged in recent days following deals in Russia at the end of last week, sources told Fastmarkets on Tuesday November 30.

Buyers in the Philippines capitalized on lower offer prices from Russia last week, following confirmation that the country’s current 15% export tax on billet exports will expire at the end of the year and will be replaced by a 2.7% excise tax instead.

The declaration was followed by reduced offer for billet from Russia for February shipment, on which the lower rate of tax will be payable.

Together with the deal for 20,000 tonnes of 130mm Far East Russian 5sp billet booked at $640-650 per tonne cfr Philippines reported by Fastmarkets on Friday, there were rumors that a deal for 30,000 tonnes of 125mm Far East Russian 5sp billet was also closed late...

Published

Lee Allen

November 30, 2021

17:57 GMT

London