Billet import offers to SE Asia observed a decline against last week. Apart from the disparity in bids & offers, the other factors which supported in pulling down the offers in the region were; fallen global scrap prices and the Labor Day holidays. And of course, the COVID-19 has continued to retain its influence in the region and as a result of which Philippines; which is one of the primary importers of billets, extended the lockdown.
This week, the SE Asian country was reported to book 30,000 MT billets from Iran at USD 345-350/MT, on a FoB basis. And thus, the offers in the region witnessed an acute decline, after this deal.
Meanwhile, the billet import offers in Thailand were noted to be USD 370/MT, CFR from India. While the same was reported to be at USD 365/MT, CFR from CIS Nations. Whereas, the bids are approximately USD 360/MT, CFR. This has created a disparity between bids and offers.
SteelMint assessment for billet import offers in the SE Asian region is at USD 365-370/MT CFR, down USD 5-10 against last week.
CIS Nations booked 100,000 MT billets to the Middle East – Saudi Arabia was reported to book around 100,000 MT billets at USD 360/MT, CFR. However, billet import offers from the region witnessed a sharp decline and are currently at USD 340/MT, FoB, down USD 15-20 against last week.
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