Billet suppliers push up prices in uncertain SE Asian market
Offer prices of imported billet have moved up to $410-430/tonne cfr Southeast Asia. This includes Taiwanese and Malaysian origin billet. Offers of Russian origin billet are, however, scarce. Several Malaysian mills have recently raised their export prices to $410-420/t fob. "Suppliers are bullish but buyers are not. Buyers are cautious because they worry that prices will plummet like they did before," a trader in Vietnam says. He says that Vietnamese buyers are generally bidding at up to $400/t cfr whereas offers are around $410-415/t cfr. Local trading sources in the Philippines tell Steel Business Briefing Taiwanese-origin billet for June shipment was booked in the past two weeks at $405/t cfr and Russian billet for July shipment at $400/t cfr. "Offer prices are now a minimum of $415/t cfr," a local trader says.
Iron ore reference price rises by 2% - The Steel Index
The reference price for 62% Fe content iron ore fines increased by $1.20/dry metric tonne to $60.60/dmt CFR Tianjin port, China. However, the reference price for 58% Fe fines is down at $50.50/dmt CFR Tianjin port.
Capesize freight rates rise on congestion and ore demand
Shipbrokers tell Steel Business Briefing. Tubarão-Rotterdam rates firmed from $8.20/tonne on 15 27/04/09 15/23 April to $9.40/t on 23 April, while Australia-China shipments increased from $6.50/t to $7.80/t. Tubarão-China movements experienced the strongest gains, as expected by brokers, rising from $16.75/t to $19.50/t. Congestion has also played a part, they say, with the average wait off China now above nine days up from eight a week ago. Over 100 Capesize ships are queued off Australia, China and Brazil, which has also helped to firm rates by restricting vessel supply. India-China Supramax rates are now pegged at around $10.30/t as a result of stronger grain activity and higher ore shipments across the Pacific and Atlantic basins.
Malaysian Ringgit Exchange Rate