Billet prices drop for South East Asia

Billet prices drop rapidly in South East Asia

Billet import prices in SE Asia are falling more quickly than expectated because of very weak demand. Moreover, the buyers also withdraw their bid when they see the prices falling. Black Sea billet was booked at $342-345/t cfr and prices are likely to fall further because there are short of liquidity in the CIS.

Beside, Vietnamese importers have stopped buying for the past two weeks because there is the rumor expects that the import duty on billet will be hiked soon. Current bids in Vietnam are at $330/t cfr level, lower from the concluded bids for Taiwanese and Japanese billet at $370/t cfr in the last week.