Asian billet and rebar markets were mixed March 5. Billet offers in Manila rose due to higher freight costs, while rebar prices remained stable amid subdued market activity.
In the Tangshan market, the tradable value for Q235 billet was reported at Yuan 2,990/mt, up Yuan 10/mt from the previous day.
The Beijing rebar market saw tradable values for HRB400 18 -25 mm rebar at Yuan 3,080/mt, stable day over day.
A local trader said market activity was subdued, with purchasing primarily driven by traders engaged in basis trading and limited instances of rigid demand.
“The market does not have any special expectations regarding the Two Sessions, but the accumulation of rebar inventory may still exert pressure on the market in the future,” a trader based in Hangzhou said.
Platts assessed Chinese domestic Q235 billet at Yuan 2,990/mt on a Tangshan ex-stock basis, up Yuan 10/mt day over day.
Platts assessed the domestic Beijing HRB400 18-25 mm rebar spot price at Yuan 3,080/mt ex-stock, stable day over day.
In the export market, offers for Chinese 3SP 150 mm billet were heard at $450/mt FOB China, with the most competitive offer increasing by $3/mt. Tradable values for Chinese 3SP 150 mm billet were heard at $445-$446/mt FOB China.
“The conflict in the Middle East has hindered Iranian billets from being exported, leading to delays for shipments scheduled to depart for Thailand and Indonesia in March. Consequently, urgent demand in those regions is turning to China for purchases,” a trader based in China said. “If the war continues, this demand may be sustained; however, if the situation stabilizes, this demand could dissipate. The outcome remains uncertain.”
In Manila, offers for 3SP 150 mm billets were reported at $475/mt CFR Manila, up $5/mt from the previous day. A local mill source attributed this rise to increased freight costs.
Platts assessed Chinese export 3SP 150 mm billet at $446/mt FOB China, stable from the previous day.Platts assessed 5SP 130 mm billets at $477/mt CFR Manila, up $2/mt from the previous day.
In Singapore, China-origin rebar offers were reported at $482-$484/mt CFR Singapore, while Malaysia-origin offers were at $482/mt CFR Singapore, both stable. Buyers were observed to be on watch, with no deals heard, according to a Singapore based trader.
In Hong Kong, China-origin rebar offers were reported at $490-$495/mt CFR, with buyer’s tradable values at $475/mt CFR, both stable.
Platts assessed the 16-32 mm BS4449-grade 500 rebar at $480/mt CFR Southeast Asia, stable from the previous day.
Platts assessed the Chinese export 16-40 mm diameter BS500B-grade rebar at $471/mt FOB, down $1/mt day over day.
In Indonesia, offers from a local mill for 3SP 150 mm billets were reported to have increased by $5/mt day over day, priced at $460/mt on an FOB basis for April shipment. A source from the mill attributed this rise to strong domestic trade activity.
A Singapore-based trader noted a similar trend in Indonesia. “Indonesian buyers are beginning to look toward Singapore to book small parcels of rebar.”
