Korean Billet offers reduce by $5-10/t to $625/t cfr, Phillipines (booking of 10,000 tons made last) this week in comparison to first week of this month. Billet offers continue to fall as its production has come down.
At current offers, sellers are unwilling to bear losses and rains have affected demand for the material. Mills in Korea normally, do not sell at lower prices but as offers reduced, traders who booked materials at higher price at $640 cfr suffered loss.
Billet offers in Russia are standing at $610/t cfr, down by $10-20 from last week which might reduce further.
There are no purchases made at $600/t cfr Thailand for Ukrainian Black Sea Billet as monsoon has impacted demand.
Importers of Billet in Indonesia are in a wait and watch mode due to approaching Islamic fasting month.
In Korea and Japan, plants may be shut down in July and August due to maintainance reasons. But limited production might force offers to stabilize.
Leave a Reply