Billet flat on stable offers

In the meantime, the Asian billet market was stable Wednesday, following a 2-day rally amid steady Indian cargoes. British cargoes were targeted to Southeast Asian market this week.

S&P Global Platts assessed the 5SP 130 mm billet spot price at $380-$385/mt CFR Southeast Asia Tuesday, with a midpoint at $382.50/mt, unchanged on the day.

In China, one offer for billet maintained unchanged at $385-$388/mt CFR China both for 3SP 150 mm of July shipment from India, said a Singapore-based trader. Another eastern China trader echoed that current offer was over $385/mt CFR.

An Indonesian mill placed its selling indication at $385/mt CFR China for same quality and shipment Wednesday, but the mill source added that they would lift prices soon.

After Chinese steelmaker Jingye Group completed the acquisition of British Steel’s in March, indicative offer for British billet was available at $385/mt CFR Southeast Asia since this week for limited quantity, said a mill source. Offers were not placed until this week as prices were not workable at over $400/mt CFR, he added.

In the Philippines, market was quiet, as the country extended its lockdown to May 30 in Metro Manila, where most billet buyers are located.

-- Analyst Joy Zhuo, Analyst Chelsea Ye