SE Asia: Imported billets prices inch down

The South East Asian imported billets trade gained some momentum after seeing some recovery in Chinese rebar futures. A few deals from South East Asian markets were heard concluded for China. However, prices have witnessed a slight correction, w-o-w. SteelMint’s bi-weekly assessment of imported billets (150*150mm, 3SP) into the Philippines currently stood at around $635-640/tonne (t), CFR Manila, down by around $2/t, w-o-w.

For 5 SP billets, price indications are at around $640/t CFR,” said traders.

Market highlights: 

• Vietnam’s billets export offers unmoved: Vietnam’s BF-route billets export offers stood unmoved at $620/t, FOB and no deals were heard concluded this week.
• Thailand’s imported billets offer range-bound: Indicative imported billets offers into the country hovered in the range of $640-650/t CFR from various origins, remaining range-bound w-o-w. Also, imported billets offers from Iran were reported at $630/t, as per market sources.
• Indian billets market gains momentum amid recovering steel futures: An Indian mill concluded a spot export tender for 30,000 t of steel blooms (150x150mm, 3SP/4SP grade). The shipment is scheduled within 45 days from the export agreement. According to market sources, the deal was concluded at around $595/t FOB. Also, another export tender for 30,000 t of steel blooms (150x150mm, 3SP/4SP grade) was concluded at the beginning of this week at around $590/t FOB and the shipment is scheduled within 45 days from the export agreement.
• Iranian billets export prices drop in recent deals: Iran’s billets export prices declined further on low bids and limited trade. An Iranian mill concluded an export deal for 30,000 t of steel billets, sources informed SteelMint. The deal was concluded at $550/t FOB for mid-Feb’22 shipment. Iran’s billet export prices have fallen by around $15/t compared to the last-concluded tender in end-Nov.

The imported billets market in China is learned to have turned active with recovery in rebar futures, which is likely to keep global billets market sentiments supported. According to data maintained with SteelMint, the Chinese rebar futures contract for May’22 delivery closed at RMB 4,505/t ($707/t), a sharp w-o-w rise of RMB 183/t ($29/t) on 17 Dec’21. However, the same witnessed a drop of RMB 24/t ($4/t), d-o-d.