Asian billet prices remained stable on Aug. 5 amid an appreciating Chinese yuan and fewer offers as sellers recalibrated levels while seaborne buyers monitored from the sidelines.

The recent exchange rate volatility was heard to have impacted spot sentiments, with some market participants expressing cautiousness in continuing to observe for further price clarity amid muted demand and quiet market activity.

“Most suppliers have not rolled out any offers,” said a Philippines-based trader.

“This week, with the USD/CNY exchange rate changing; customers would like to wait and see,” said a Thailand based trader.

An indicative offer for Indonesian-origin 3SP 150mm billet was heard at $455-$460/mt CFR Manila, while open origin 5SP 130mm billet bids were at $470-$475/mt CFR Manila. A Russian-origin 3SP 150mm billet deal was heard being concluded last week at $470/mt CFR Taiwan.

In Thailand, billet demand remained weak due to the rainy season, with activity expected to pick up after September, according to market sources.

Platts assessed 5SP 130 mm billet on a CFR Southeast Asia basis at $480/mt, stable on the day, and Chinese import 3SP 150 mm spot billet at $385/mt CFR China, $4/mt higher on the day.

Tangshan spot billet prices edged down amid declining futures and weaker transactions heard in the afternoon Aug. 5.

Platts assessed domestic billet at Yuan 3,210/mt on a Tangshan ex-stock basis for Q235 billet material, down Yuan 10/mt on the day.

In the domestic Chinese rebar market, spot prices moved up slightly on higher offer levels amid moderate transaction activity.

Amid widening margin losses, some Chinese steelmakers have reduced long steel production, with rebar output cuts providing some support to spot sentiments, according to market participants.