Offers for 5sp grade 130mm/150mm square blast furnace billet for shipment by mid-August rose to $530-540/tonne cfr Manila from $510-515/t on Friday last week.
ASEAN mills in the region increased their offers for 3sp grade billet by $20/t to $510/t fob. An Indonesian producer was heard selling at $507/t fob.
Chinese trade sources said the export price of $507/t FOB was favourable. "It makes sense for the domestic billet price in China to be around RMB3,500/t [$492/t], which is above $500/t fob," a Shanghai trader said. Still, he doubts that the price increase is sustainable and is watching the upward trend.
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