Asian billet prices exhibited mixed trends on March 6, with domestic markets in China showing slight upward movement while export markets remained cautious.
In Tangshan, domestic demand for billets was stable, with tradable prices for Q235 billet reported at Yuan 3,110/mt. Potential production constraints influenced the market sentiment, which could lead to tighter supply.
Platts assessed Chinese domestic Q235 billet at Yuan 3,120/ mt on a Tangshan ex-stock basis on March 6, up Yuan 10/mt.
In the export market, Chinese 3SP 150 mm billet offers remained stable, with no bids heard. Offers were reported stable from the previous day at $445/mt FOB China, reflecting mills’ reluctance to lower prices due to potential supply constraints.
Market sources noted that the market is quiet due to the absence of news that exceeds expectations.
Platts assessed Chinese export 3SP 150 mm billet at $435/mt FOB China, stable from the previous day.
In Southeast Asia, the market for 5SP 130 mm billets remained quiet, particularly in Manila. Offers for 5SP 150 mm billets were reported at $460-$465/mt CFR Manila, with no bids heard.
Market sources indicated that participants are hesitant to take action until they have clearer insights. “The market remains quiet today due to recent discussions regarding potential steel production cuts in China,” said a trader based in Manila. Platts assessed 5SP 130 mm billets at $464/mt CFR Manila, down $1/mt.
In the Beijing rebar market, trading activity was average, with the tradable price for HRB400 18-25 mm rebar reported at Yuan 3,240/mt. The market saw participation from both essential buyers and speculative investors, contributing to a slight increase in assessed prices.
Platts assessed the domestic Beijing HRB400 18-25 mm rebar spot price at Yuan 3,250/mt ex-stock, up Yuan 10/mt day over day.
In Southeast Asia, seaborne rebar prices saw minor fluctuations. In Singapore, Chinese offers for rebar were slightly down at $485/mt CFR Singapore, with bids at $475/ mt CFR Singapore. Market sources indicated that all potential positive effects have been fully realized, and no news exceeding expectations has emerged.
Platts assessed the 16-32 mm BS4449-grade 500 rebar at $481/mt CFR Southeast Asia, down $1/mt.
In the FOB China market, both factories and clients appeared to be in a cautious, wait-and-see mode. Seller’s tradable levels were reported at below $480/mt FOB China. “Buyers’ prices are low. Selling down will result in extremely low-profit margins for the factories,” said a China-based trader.
Platts assessed the Chinese export 16-40 mm diameter BS500B grade rebar at $469/mt FOB, down $1/mt day over day on March 6.
