The billet import market in Southeast Asia rose further amid fast-rising raw material prices, Kallanish notes. Suppliers appeared to be also withholding offers in the region.

In Manila, Russian 100mm square and 125mm square billet for March/April shipment were offered and booked at $475/tonne cfr Manila, importing and trading sources in Manila report on Friday.  The week before. a leading Philippine reroller secured a large tonnage of Russian and Malaysian billet at $465/t cfr during 28 January week. A trader estimates that those bookings totaled more than 50,000 tonnes.

Some traders also say on Friday that they do not have offers. “Suppliers are holding back,” a Manila trader says. He only heard  of Russian billet offered at $465/t cfr earlier in the week. He blamed "... skyrocketing iron ore and scrap prices" for driving up billet prices. It appears to be a sellers' market now with buyers having little room to negotiate. They can either "... take it or leave it," another says.

Prices are moving up, a Philippine reroller says.  Rerollers are placing order because "... it’s clear prices are firm."

On Friday, Kallanish assessed its weekly 5sp/ps or Q275120/125/130mm square billet price at $475/t cfr Manila, $17.5/t higher on-week.

There are no Thai takers for Russian billet offered at $475/t cif Ko Sichang because Iranian billet is priced lower, Thai trading sources report on Friday. A deal for Iranian billet for February shipment was heard concluded at $400/t cif Thailand in end-January.  Iranian material is offered during the week higher at $430/t cfr. "Key importers are buying so much Iranian billet now that other orgin material is just giving price direction," a Bangkok trader notes.

Malaysian billet was offered during the week at $466/t cif Ko Sichang.