South East Asian imported billets continued to remain silent for this week as well. High bid-offer disparities were witnessed amid the volatile Shanghai Futures Exchange (SHFE) rebar market. The chunk of the offers ranged from $680-685/tonne (t), CFR. However, a few Chinese traders were heard diverting their position cargo in the SE Asian region at around $700/t, CFR, SteelMint learned from market participants.
On the other hand, bids were heard at around $670/t, CFR Manila.
According to the data maintained with SteelMint, on 4 June ’21, the futures settled at RMB 5,159/t ($805/t), up by RMB 11 on a day-on-day (d-o-d) basis. However, on a week-on-week (w-o-w) basis, they (futures) rose by RMB 226/t ($35/t). During the current week, the rebar futures market posed an upward trend, although marketmen believe the trend is yet to gain stability. Hence, buyers are in a wait-and-watch mode.
Deals and offers
Russia: Billet export offers from the Black Sea reportedly fell to $640-645/t, FoB, down by $15-20/t w-o-w, while no substantial offerings were heard from Vanino/Vlad (Far Eastern Russia).
India: The two state-owned mills have floated export tenders for around 48,000 t of blooms and billets, which are due today (4 June’21). According to our analysis and market participants’ reports, these tenders are likely to be scheduled for SE Asian destinations, as Chinese port authorities are asking for mandatory 28 days’ waiting period for Indian cargoes before berthing.
Vietnam: The BF-route billet export offers rose sharply by $40/t, w-o-w to $690/t FoB, on uptrending futures.
Thailand: The indicative imported billet offers in the country were at $700/t, CFR.
SteelMint’s bi-weekly assessments of imported billet offers in SE Asia are currently at $670-680/t, CFR Manila, up by $15-20 against last week.
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