Asian billet prices rise on strong Indian market; rebar prices sideways

04 October 2021
Asian billet prices rise on strong Indian market; rebar prices sideways

          Asian billet prices edged up on bullish Indian domestic market and rising offers, while rebar prices were unchanged Oct. 1, as regional demand remained weak during the first day of China’s Golden Week holiday.

          Within the billet market, offers trended higher, with Indian sellers offering at $730/mt CFR Manila, after seeing price rise within India’s domestic market by around $18/mt Sept. 30, sources said.

          Meanwhile, Vietnam offered induction furnace billet at $705/mt and electric arc furnace billet at $710/mt, on CFR basis to Manila. Also, Russian offers were heard at $730/mt CFR Manila. All offers were for November shipments. However, no deals were heard due to unchanged weak demands in Philippines.

          The Southeast Asia 5SP 130mm spot billet was assessed at $700/mt CFR Manila, up $15/mt on the day.

          S&P Global Platts assessed the 16-32 mm diameter BS4449 Grade 500 rebar unchanged on the day, at $716/mt CFR Southeast Asia, with basis to Singapore.

          “The market has been silent lately because of the worsening COVID situation in Singapore. We didn’t receive any offers recently,” said a Singapore-based source.

          “We haven’t seen Turkish offers for a while and we are not in the market for rebars as well,” another source in Singapore said.

          Singapore’s daily new COVID-19 infections surged to 2,478 cases Sept. 30, recording an all-time high since the outbreak of COVID-19.

          The pandemic has presented an unprecedented challenge for the country’s construction industry, as construction costs soar ever higher. Increasing labor wages, rising construction material costs, and COVID-19 related testing fees are all eating into contractors’ and subcontractors’ margins, which force some of them to go bust and put a halt to projects.

          Thus, demands thinned up with market participants choosing to stay on the sidelines.

-- Steel Business Briefing


Source : Steel Business Briefing

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