Asian billet prices fell on competitive offers and continued weak demand on November 27. The recent sluggish downstream demand continued to weigh on spot prices, with some buyers adopting a wait-and-see attitude. Offers for 150mm 3SP billet originating from China were heard at $453/mt FOB China, while tradable prices for 130mm 5SP billet were heard at just under $483/mt CFR Manila, Philippines.

An Indonesia-based mill offered 150mm 3SP billet at $465/mt FOB Indonesia’s export port for February shipment, while 150mm 3SP billet originating from Vietnam was heard at $480/mt FOB Vietnam’s export port. China’s steel production in November showed little sign of slowing down compared to October levels, with production on track to surpass the 1 billion tonne mark by 2024. Platts assessed 5SP 130mm billet down $1/t from the previous day at $482/t CFR Southeast Asia.

This is good news for construction projects with a large steel structure such as thermal power plants, cement plants, oil refineries, offshore oil rigs… The fall in billet prices has led to a fall in hot-rolled plate and profile steel products.