The billet import market was flat last week in Manila, Kallanish notes. Buying interest remained active for induction billet for the second consecutive week, local trading sources say.

More than 20,000 tonnes of Russian 100mm square billet was booked at $550/tonne cfr Manila late last week. The week before, 20,000t of 125mm square billet from another Russian mill was ordered at $547-548/t cfr Manila. These Russian cargoes are for October shipment. Because 100mm square billet is smaller, it typically commands a premium of up to $5/t over 120/125/130mm billet.

Importers are turning to induction billet these past two weeks because they are enticed by its low price. “Prices are hard to resist,” says the trader, adding that there is now a $15-20/t gap with EAF/BF billet.

Last week, bookings for Indian induction furnace (IF) billet took place at $530-535/t cfr Manila. Offers were still available at slightly above $530/t which indicated that the Indian IF mills ... “remain aggressive,” the trader says.

Traders reported containerised Indian billet offered at $520/t cfr but these involve higher costs for discharging and handling. Vietnamese induction billet was offered last week at the minimum of $535/t cfr Manila.

On Friday Kallanish maintained its weekly 5sp/ps or Q275120/125/130mm square billet price at $545-548/t cfr Manila.