SE Asian imported billet market broadly remained silent on high bid-offer spread amid increased global billet prices. The imported billet offers in the region have touched $700/t, CFR. On the other hand, the bids were seen hovering between $680-690/t, CFR.
During conversations with a Philippines trader, SteelMint learned that a few of the Philippines-based mills have stopped production owing to a price hike. The global billet prices are getting fascinated by the continuously rising Chinese rebar futures. Also, after the recent revision in the import tariffs by the Chinese Govt., Non-ASEAN countries like Russia, India and Iran reported an increase in their billet export offerings by around $25-30/t.
Deals & Offers:
- Russia: The Russian billet export offers witnessed a sharp rise after China revised its import tariffs. According to SteelMint’s credible sources, the spot offers from one of the leading Russian mills is heard at $680/t, FoB Vlad/Vanino for June ’21 shipments. While a few black Sea offers were heard at $640/t, FoB.
- India: Indian billet export prices surged in a recent deal to hit a record high since the data maintained with SteelMint from Nov’12. According to SteelMint sources, an Indian mill recently sold 30,000 t billets at around $630/t, FoB India, for June ’21 shipments. The prices surged by $15-20/t w-o-w. On the other hand, a private primary mill witnessed offering billets at $700/t, CFR for China and SE Asian destinations.
- Vietnam: The IF route billet export offers from the country surged by around $70-80/t and heard being offering at $730-740/t, FoB. No BF route offers were heard for this week.
- Thailand: The imported billet offers in the country were witnessed at $670-675/t, CFR, up by $5 against last week.
SteelMint’s bi-weekly assessment for Indian billets is currently at $695-700/t, CFR Manila, up by $20-25 against last week.
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