Asian billet rises on fresh Indian deals, touches 7-week high

          Asian billet jumped Friday on fresh deals of Indian billet to China market amid strong domestic prices, and touched a new high in seven weeks since March 27. In the meantime, other Southeast Asian regions remained less active.

          S&P Global Platts assessed the 5SP 130 mm billet spot price at $384-$388/mt CFR Southeast Asia, with a midpoint at $386/mt, up $3.5/mt on the day. This represented a weekly rise of $6.5/mt.

          In China, two Indian billet deals of 30,000 mt each were reported concluded at $383/mt and $384.5/mt CFR China Thursday for 3SP 150mm. Indian cargo of June shipment were sold out already, said several Chinese traders.

          Tradable levels were at $383-$385/mt CFR China, said two eastern China traders, equivalent to $385-$387/mt CFR Manila.

          These active purchases were in line with stronger Chinese domestic billet market, which rose Yuan 30/mt ($4.20/mt) on the week.

          With overseas billet prices continuing to rise, these forward shipment cargo of July onward would be less attractive to Chinese buyers, said an eastern China trader, adding that further room for price rise in China was limited.

          Indonesian billet maintained its offer at $385/mt CFR China for 3SP 150 mm material, said a mill source, adding that a bid was received at $382/mt for 20,000 mt Tuesday.

          In Thailand, a fresh indicative offer was placed Friday at about $383/mt CFR Thailand for Malaysian 3SP 130mm material of June shipment, said a local trader. But buying indication was far below offer at $370/mt CFR, as domestic rebar price remained unchanged.

-- Analyst Joy Zhuo, Analyst Chelsea Ye