[SMM Steel] Indonesian Billet Falls Again to $470/mt FOB, Mills Turn to Exports as Home Demand Stalls
[Indonesia] Billet prices have fallen again to USD 470/metric ton FOB, as mills lower prices to regain competitiveness. Reports suggest a billet export deal has been agreed. This follows the same pattern seen earlier in HRC: when domestic demand is weak, mills look to other markets. Based on fundamentals and Chinese prices, however, billet prices are unlikely to rise again soon. Demand remains low, wire rod is still the most sought-after long product, and Chinese producers have no plans to raise prices.