Asian billet prices were up Jan. 5, as Chinese domestic prices rose despite flat offers.
Asian rebar prices were flat on dull trading amid weak Singapore demand.
Offers for Indonesian billet were heard at $615/mt CFR China and $615/mt CFR Manila 3SP 150 mm for March shipments, unchanged week on week, a market source said.
A 60,000 mt billet sale was done Jan. 4 at $615/mt CFR China for Indonesian 3SP 150 mm billet, according to two traders. The cargo was booked mainly to close a short position in the Chinese rebar futures.
Most market participants said that $615/mt CFR China was not tradable Jan. 5, as domestic prices in China were lower than import prices, and hedging rebar futures was not suitable for imports in China. A buying indication was heard at $600/mt CFR China for March shipment.
A selling indication in the Philippines was heard at $630/mt CFR Manila for 5SP 130 mm Asian billet, a local trader said.
“Traders were collecting bids at this price,” another billet trader said, adding that Indian billet might be able to offer $630/mt CFR Manila.
Platts assessed Tangshan Q235 billet at Yuan 4,400/mt Jan. 5, up Yuan 50/mt day on day.
Southeast Asia 5SP 130 mm spot billet was at $623/mt CFR Manila Jan. 5, up $2/mt day on day.
The most actively traded May 2022 rebar contract in China closed at Yuan 4,444/mt ($697/mt) on the Shanghai Futures Exchange Jan. 5, up Yuan 49/mt day on day.
The Beijing spot price for 18-25 mm diameter HRB400 rebar was assessed at Yuan 4,670/mt ($732/mt) ex-stock actual weight, including 13% value added tax, up Yuan 10/mt from the previous session.
An offer was heard for BS500 rebar at $780/mt CFR Hong Kong actual weight for February shipment of 12-40 mm, a mill source said.
Demand was thin in Singapore's rebar market. A few offers were received at $730/mt CFR theoretical weight for open origin, with no buying indications, said a fabricator.
S&P Global Platts assessed 16-32 mm diameter BS4449 Grade 500 rebar at $703/mt CFR Southeast Asia, unchanged day on day.
-- Steel Business Briefing
