ASEAN billet exporters maintain stable prices

Offers for March shipments of 5sp 130 mm or 150 mm blast furnace billet from ASEAN/China held stable at $550/tonne CFR Manila, Philippine trade and procurement sources informed. Last week, induction furnace billet from Malaysia was also offered at $527/ton and $530/ton CFR Manila.

Pointing to the falling iron ore prices in China, a buyer said, "Blast furnace plants are likely to lower billet prices next week. However, if billet edges are tight or non-existent, things are getting difficult," a buyer commented. Another steel producer reported seeing an offer of $545/tonne CFR for blast furnace billet, but buyers preferred to wait to see how the market develops.

5sp/ps or Q275 120/125/130mm square billet at 5sp/ps or Q275 120/125/130mm is currently unchanged on the week at $530-535/tonne CFR Manila.

Malaysian and Vietnamese producers reported direct offers for 3sp billet at $535/tonne FOB and $550/tonne FOB, respectively. An Indonesian blast furnace facility offered $530/tonne FOB.