Asian billet prices increased in the week ending Oct. 15 on the back of improving buying indications in China, while the Philippines market was quiet amid lackluster demand.

          In China, the most actively traded January 2022 rebar contract on the Shanghai Futures Exchange closed at Yuan 5,515/mt ($857/mt) Oct. 15, up Yuan 50/mt from the previous session.

          Tangshan Q235 billet was assessed at Yuan 5,300/mt, up Yuan 50/mt from Oct. 14.

          Offers for the China import billet market were received at $720-$730/mt for 3SP 150 mm of November to January shipment for Vietnamese, Indonesian, and Middle Eastern cargoes.

          “I would say fair value to offer is at $710/mt CFR [China],” said a Singapore-based trader. Buying indication was received at the same price.

          In the Philippines, some market participants reported a deal that Russian billet sold at $720/mt CFR Manila. A local source said that it was booked in early October, and now Russian billet is being offered at $710/mt CFR Manila.

          Bid was received at $690/mt CFR Manila for 5SP billet, said a trader.

          S&P Global Platts assessed China-imported 3SP 150 mm spot billet at $711/mt CFR China, up $10/mt day on day. Platts assessed Southeast Asia 5SP 130 mm spot billet at $703/mt CFR Manila, up $5/mt day on day.

-- Steel Business Briefing