The decline in Chinese billet export prices is drawing renewed interest from ASEAN buyers, with significant transactions reported last week in Indonesia and the Philippines, according to Kallanish. March shipments were booked at notably low levels, reflecting the bearish market trends.
Recent Billet Deals in ASEAN
In Jakarta, a large re-roller purchased 20,000 tonnes of 5sp 150mm billet at $445/tonne CFR. Meanwhile, 20,000–30,000 tonnes of similar grade billet were transacted in Manila at the same price. These deals align with a week-on-week drop in Chinese 3sp 150mm billet prices, which fell by $5/t to around $425/t. This also coincided with a $10/t decline in the Shanghai Futures Exchange May 2025 rebar contract.
Market Insights
ASEAN billet transactions are currently yielding minimal or no profit due to prevailing bearish conditions. Offers for 5sp billet in Manila hovered around $450/tonne CFR, reflecting a further $5/t decline. The seller determines whether the billets originate from China or within ASEAN. Indonesian suppliers are also offering 5sp billets at $450/t CFR Jakarta.
Price Trends and Export Offers
A major Indonesian steel mill lowered its export offer for 3sp 150mm billets from $437/tonne FOB to $430/tonne FOB for March shipments. The latest Kallanish assessment places the price for 5sp/PS or Q275 120/125/130mm billets at $450/tonne CFR Manila, marking a $5/t week-on-week decrease.
