Asian billet prices rise amid higher buying rates

Asian billet prices rose last week in line with growing buying figures and some of the sellers increased their bid prices.

Although, from February 15 to February 21, market activity is considered low ahead of the Lunar New Year holidays in China.

Vietnamese factories also suspended operations on Monday. Vietnam is closed for holidays from 14 to 20 February. The few remaining sellers have increased their bids by $ 5-10 /t in Southeast Asia since last week.

Japanese billet bids are up $ 10 /t this week at $ 550-555 /t CFR Manila on the weakening of the dollar against the yen, a Tokyo-based trader said. Bids for Iranian billets were raised $ 5 /t to $ 525 /t CFR in Thailand, a Bangkok-based trader said.

The trading level in Manila was over $ 540 /ton CFR for billet from producers including India and the Middle East, a Shanghai-based trader said. Market activity was low this week as large buyers preferred to order new orders after the return of Chinese sellers.