The South East Asian imported billets market remained passive this week as Chinese buyers remained absent and importers from the SE Asian region adopted a wait-and-watch mode. SteelMint’s bi-weekly assessment of imported billets offers from South East Asia currently stands unchanged at $660/tonne (t), CFR Manila, w-o-w.
Market highlights
- Vietnam’s billets export offers inch down: Vietnam’s billets export market reported limited activity this week. According to SteelMint sources, the country’s BF-route offers were at $630/t FOB, a drop of $10/t, w-o-w.
- Thailand’s billets prices unmoved: Indicative imported billet offers into the country were hovering in the range of $650-660/t CFR, stable, w-o-w. Also, no deals were heard to have been concluded this week.
- Indian billets export prices at two-month low: The Indian billets export market continued to remain less active for yet another week. SteelMint’s price assessment for Indian billet exports (150*150 mm, 3sp, BOF route) currently stands at $605-610/t FOB. Prices have fallen to two-month lows as per data maintained with SteelMint. “The market is completely dead as there are no firm indications from China and very limited bids from South East Asia”, said a trader.
- Iranian billets export market subdued on limited deals: The Iranian billets export market has seen a slowdown in deals following the global trends and a sharp drop in Chinese rebar futures. Iran’s leading steel exporter floated an export tender for 30,000 t of steel billets for December shipments. As per market sources, the tender received a bid of $597/t but is yet to be concluded. “The market was very silent this week. It would be interesting to see if the company concludes the tender at $597/t FOB as it is quite a sharp drop against the last price of $620-625/t FOB, with the recent recovery in futures”, said an Iranian source.
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