Asian billet prices edged lower April 4 as exporters offered at lower levels in Southeast Asia.
China’s steel product and pig iron output rose week on week amid a recovering mill margin.
In the seaborne market, open origin 3SP cargo was offered $5/mt lower on the day at $495/mt CFR Manila during the Chinese holiday.
Platts assessed 5SP 130 mm billet on a CFR Southeast Asia basis at $50/mt, $2/mt lower on the day, and Chinese import 3SP 150 mm spot billet at $397/mt CFR China, flat on the day.
The Indonesia market, despite being slow before the Eid holiday, was expected to return stronger after the holiday. Sources said Indonesia entered Ramadan after the general election, which dragged demand for months. Although buyers closed warehouses before Eid, the overall inventory level was moderate. Market sources expect a post-Eid recovery to support prices later in May.
The Tangshan billet market was closed due to a Chinese holiday. Platts assessed Chinese domestic billet at Yuan 3,360/mt on a Tangshan ex-stock basis for Q235 billet material, flat on the day.
In the Chinese domestic rebar market, prices moved sideways on muted activity as market participants remained away on a national holiday over April 4-6.
Platts assessed the domestic Beijing HRB400 18-25 mm rebar spot price at Yuan 3,450/mt ex-stock in theoretical weight, flat day on day.
In the seaborne rebar market, prices remained steady on unchanged offer levels, with some buyers continuing to monitor from the sidelines while awaiting China’s return to the market.
A competitive Malaysian-origin offer was heard at $520/mt DAP Singapore, while a Vietnam-based mill was heard continuing $540/mt FOB Vietnam in actual weight. An offer from a China based mill was heard at $530/mt FOB China.
Despite available offers, bidding activity in Singapore remained muted as some consumers with sufficient inventories remained cautious of any potential price fluctuations or rollover effects in regional seaborne mill offers upon China’s return.
In Hong Kong, market participants remained away on a national holiday, while an open-origin offer was heard earlier in the week at $513/mt CFR Hong Kong, though no deal was heard to have concluded.
In Vietnam, while demand for industrial rebar was heard relatively stable on the increase in the number of public projects, household-usage rebar demand remained weak in comparison, according to market participants.
Platts assessed 16-32 mm BS4449 grade 500 rebar at $519/ mt CFR Southeast Asia, flat on the day, and Chinese export 16-40 mm diameter BS500B grade rebar at $516/mt FOB, unchanged on the day.
