Traders in Manila said they received no new offers or inquiries last week. Previously, offers for ASEAN/China-origin 5sp 130mm or 150mm square billet for March/April shipment were heard below $550/ton cfr Manila in the week to February 9.
However, a supplier was heard to offer at $538-542/ton cfr Manila on Friday. The offer was for 5sp 130/150mm open hearth billet for April shipment. The price is considered "still high," but market participants also noted that there were not many offers heard last week.
Regional buyers' price expectations are lagging behind current offers. At the end of January, a 30,000-ton cargo of Iranian billet was booked by a Jakarta-based mill at $525/ton cfr. The latest offer from an Indonesian producer for 3sp billet was heard at around $545/ton cfr Jakarta about two weeks ago.
Buyers in Thailand are targeting a lower level of $505-515/ton cif Bangkok for imported billet. A Thai trader said, "Many mills have stopped billet offers," adding, "There is no cheap scrap, but the domestic induction billet price was only THB 17,500/ton ($486/ton) in the second half of January." Officials stressed that the weak Thai rebar market has not lifted billet prices.
It is reported that 5sp/ps or Q275 120/125/130mm square billet was assessed stable at $535-540/ton cfr Manila last week.
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