The billet import market in Southeast Asia is being pushed down by traders, causing market instability and no signs of price support.
Indonesian blast furnace 5sp grade 130mm/150mm billet offers for May shipment have decreased to $560/tonne cfr Manila from $580/t cfr last week, with most offers in the market coming from traders unwinding their previous positions and short-sellers.
Vietnamese induction-furnace billet offers for May shipment have also decreased to $560/t cfr Manila, but the offers are considered a position cargo due to current scrap prices leading to potential losses for the mill. The low-priced offers have spooked customers and traders have low confidence levels.
Offers for 3sp grade 150mm billet from an Indonesian mill are also lower at $565/t cfr Taiwan for May/June shipment. Buying interest is sparse, but a trader in Kaohsiung is trying to close deals despite the weak market.
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