Price drop in the billet market in Asia

In the Southeast Asian import market, the latest billet price has dropped by $5 per tonne week-on-week to $455 CFR due to weak demand. Some transactions were concluded at $450. There is a lack of demand, and traders are exerting more pressure on mills to lower prices.

According to reports, the latest billet price in the domestic Chinese market has also decreased by $1, now at $400 per tonne ex-works. Without any clear policies or actions from banks, the lack of strong supportive signals has led traders to suspend their winter inventory builds, which has increased downward pressure on billet prices. In the Shanghai Futures Exchange, the latest rebar contract price remained relatively stable at $437 per tonne.