Chinese consumers have re-entered the market for imported cargoes of steel billet over the week ended Friday February 19, following the country’s Lunar New Year holiday, closing deals at higher prices.
Sales to China of Indonesia-origin blast furnace (BF) 150mm billet started the week at $565 per tonne cfr, with prices rising progressively each day.
Transactions for 3sp Indonesian billet started at $560-565 per tonne cfr China and rose to $580-585 per tonne cfr by late on February 18, Fastmarkets understands.
Offers of Indonesian material rose to $590 per tonne cfr China on Friday following those most recent transactions, compared with $580 per tonne cfr offered on Thursday.
A sale of Vietnamese BF billet was closed at $562 per tonne fob, with the traders purchasing the cargo set to sell the material to China. Freight costs would be $10-12 per tonne, according to a Vietnamese trader.
The previous sale for Indonesian material before the Chinese New Year was heard at $546 per tonne cfr China on the week beginning February 8.
Higher buying prices from China dragged up the market for steel billet in Southeast Asia on Friday.
Fastmarkets’ daily price assessment of steel billet, import, cfr Southeast Asia, which mainly looks at 120-150mm 5sp grade billet sold into the Philippines, was $570-580 per tonne cfr on February 19, up by $10 per tonne day on day from $560-570 per tonne cfr.
Transactions for 3sp Indonesian billet started at $560-565 per tonne cfr China and rose to $580-585 per tonne cfr by late on February 18, Fastmarkets understands.
Offers of Indonesian material rose to $590 per tonne cfr China on Friday following those most recent transactions, compared with $580 per tonne cfr offered on Thursday.
A sale of Vietnamese BF billet was closed at $562 per tonne fob, with the traders purchasing the cargo set to sell the material to China. Freight costs would be $10-12 per tonne, according to a Vietnamese trader.
The previous sale for Indonesian material before the Chinese New Year was heard at $546 per tonne cfr China on the week beginning February 8.
Higher buying prices from China dragged up the market for steel billet in Southeast Asia on Friday.
Fastmarkets’ daily price assessment of steel billet, import, cfr Southeast Asia, which mainly looks at 120-150mm 5sp grade billet sold into the Philippines, was $570-580 per tonne cfr on February 19, up by $10 per tonne day on day from $560-570 per tonne cfr.
Bids were heard at $570 per tonne cfr Manila for 5sp billet but sellers were heard to be unwilling to accept anything less than $580 per tonne cfr on Friday.
Also check: chinese new year holiday and its impact on global steel markets
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