Offers for open-origin 5sp 150mm square billet were prevailing at around $485/tonne cfr Manila on Friday, up $5/t from earlier in the week, traders say

“The market is quiet, but the SHFE [Shanghai Futures Exchange] is strong,” a Manila trader says.

Trading has been sparse but an order for 5sp 130mm open-origin billet closed earlier in the weekat around $490/t cfr Manila. The open-origin billet is ASEAN/Chinese origin at the discretion of the seller.

Kallanish assessed 5sp/ps or Q275 120/125/130mm square billet at $485/t cfr Manila, up $2.50/t on-week.

A leading Indonesian mill offer for 3sp 150mm base billet for February shipment was heard at around $470/t fob. Chinese 5sp 150mm billet was offered at around $490/t cfr Jakarta up to Thursday but offers appeared to have dried up by Friday.

“We want to wait and see first as the rebar market has softened this month,” a Jakarta reroller says. Another agrees that buyers are delaying their restocking.“The finished product market is quiet, and I believe buyers expect a price of $470-480/t cfr,” the source notes. 

Indonesian rerollers placed some orders when billet prices slipped to lows of $450-460/t cfr one to two months ago.