This week, sizeable billet volumes reported having traded in the SE Asian billet import market. The billets have prominently booked for the Philippines from Russia and Vietnam. On the other hand, Indonesia and Thailand remained silent for this week as well. However, the import offers in the region have seen to be stable for this week.
On the contrary, the SHFE rebar futures are on a continuous rise. According to the data maintained with SteelMint, the same recorded an increase of RMB 80 ($12) w-o-w and today settled at RMB 3,782/t ($572/t). It shows Indonesian and Thai buyers are in a wait and watch mode, possibly anticipating a drop in futures, which will likely pull down the prices.
Deals & offers-
CIS- A Russian mill reported having booked around 30,000 t billets for the Philippines. The mill achieved the price level of $452-453/t, CFR. The shipment is likely to be scheduled for Jan’21. This week, the billet export offers from the region saw a sharp hike and are at $415/t, FoB Black Sea, up by $10 against last week.
India- For this week, we witnessed limited export offerings from the Indian mills amid better price realizations in the domestic market. However, indicative offers remained broadly stable against last week at $418-421/t, CFR.
Iran- The export offers from the country have been seen stable for this week as well. The mills have also not seen offering diligently in the export market. However, price indications for Iranian billet export stand at $410-415/t FoB, highlighted mills.
Vietnam- The country reported having booked, sizeable billet volumes for China and the Philippines, in the price range of $453-457/t, CFR. However, we could not confirm the volumes until the publishing time of this report.
Thailand- Billet import offers in the country continue to remain stable at $455/t, CFR.
This week, SteelMint assessment for billet import offers in SE Asia is at $450-455/t, unchanged against last week.
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