This week, the SE Asia billet import market was reported trade active. The region was noted to import sizeable billet quantities from Iran & CIS Nations, throughout the week.
The region has started witnessing a gradual rise in offers since the week started, and as we approach towards the weekend the offers went up sharply. The event (price hike) was led by increased global scrap prices and was supported by the surged billet imported prices in China with a disparity; between bids and offers. Also, a few high price level deals from CIS Nations have backed the event. Observing the global trend, the Iranian mills are also now aiming to conclude the deals at USD 360-365/MT, FoB Iran levels.
SteelMint assessment for billet import offers in SE Asia is at USD 380-390/MT, CFR levels, up USD 15 against last week.
CIS billet export offers rise sharply- The billet export offers from the region were noted to witness a sharp hike of USD 10-15/MT, to reach USD 355-360/MT, FoB Black Sea. This week, numerous bookings to China and SE Asia were noted from the region.
The sharp rise in billet export offers from the region is due to the reason that, other billet import markets like Europe have gradually started getting into trade routines. Recently, Italy was noted to book 10,000 MT billets from CIS at USD 370-375/MT CFR levels. This shows that CIS Nations are gradually shifting their dependency from the Asian markets and have started focusing on their regular export markets.
Vietnam’s Formosa released billet offers- Formosa Ha Tinh Corporation (FHS)- Vietnam’s largest steel manufacturer of the country has announced its billet offers. The prices offered by the company are reported to be at USD 393/MT, CIF Ho Chi Minh, and USD 388/MT, CIF Hai Phong port.
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