Asian billet prices rose Jan. 2, as exporters raised offers after a deal was concluded, while rebars were stable amid lackluster trading activity.

Market participants navigated a cautious trading environment following the Chinese central bank’s decision to maintain the benchmark rate, contrary to market expectations.

In the billet market, Indonesia offered 3SP 150 mm billets at $437/mt FOB Indonesia, with a slight increase of $2/mt. A deal was concluded this week at $435/mt FOB Indonesia.

Buyers mostly returned quiet and cautious after the holiday. Vietnam domestic billets were offered at Dong 11,550/kg, and trading remained slow as Vietnam approaches Tet.

Platts assessed 5SP 130 mm billet up $1/mt at $464/mt CFR Southeast Asia, while the Chinese import 3SP 150 mm spot billet was assessed up $2/mt at $375/mt CFR China.

Platts assessed Chinese domestic Q235 billet down by Yuan 10/mt at Yuan 3,120/mt on a Tangshan ex-stock basis.

Rebar trading in Beijing remained stable, with market participants adopting a wait-and-see approach.

Platts assessed the domestic Beijing HRB400 18-25 mm rebar spot price stable day on day at Yuan 3,240/mt ex-stock in theoretical weight.

In the Southeast Asian rebar market, offers remained stable, with Chinese mills offering at $480/mt CFR Singapore in theoretical weight and $480/mt CFR Hong Kong in actual weight for March shipment cargo. The market was quiet, with many buyers ceased purchasing before the lunar new year.

Platts assessed the 16-32 mm BS4449-grade 500 rebar at $479/ mt CFR Southeast Asia and the Chinese export 16-40 mm diameter, BS500B-grade rebar at $467/mt FOB, both stable day on day.

-- S&P Global Commodity Insights