The billet and rebar market in Southeast Asia continued to move sideways Oct. 5, as market participants remained cautious on trading amid China’s absence.
S&P Global Platts assessed the 5SP 130 mm billet spot price at $443/mt CFR Southeast Asia Oct. 5, unchanged from Oct. 2.
Few offers were heard in the market, with selling indications for Russian 5SP130 mm cargoes at $450/mt CFR Manila while tradable values were cited similar on the week at $440-$445/mt CFR.
"Manila buyers are aiming for lower prices while China’s out of the market," a Singapore-based billet trader said. "But their local product prices are still healthy, so workable levels for billet shouldn’t be lower too."
The Southeast Asian rebar market too continued to be quiet amid the lack of China-based participants due to the country's Golden Week holidays, ending Oct. 8.
Platts assessed 16-32 mm diameter BS4449 Grade 500 rebar at $467/mt CFR Southeast Asia on Oct. 5, unchanged from Oct. 2.
Tradable values for Turkish-origin rebar were heard at $465-$470/mt CFR Singapore Oct. 5, however, with some buyers seeing little requirement.
“We still hold sufficient stock at the moment as our sales have been slow even after [Singapore’s] Circuit Breaker,” a Singapore-based stockist said. “Not much offers too, but we could consider more seriously at $465-$467/mt CFR levels.”
Meanwhile, sources in Singapore expected rebar trading to remain muted for October, citing trades possibly happening only nearer the end of the year to secure first quarter 2021 deliveries.
-- Marcus Ong
