South East Asia’s imported billet prices remained range-bound this week due to a lack of significant trading activity. SteelMint’s bi-weekly assessment of billets (150x150mm, 3SP) imported by the Philippines currently stands at around $645/tonne (t) CFR Manila.
However, a parcel of Japanese EAF-grade billets (130x130mm) was concluded at around $650/t CFR Manila towards the end of last week, market sources informed SteelMint.
Market highlights
- Thailand’s imported billet prices fall: Indicative imported billet prices into the country were hovering at around $620-625/t CFR, lower by $20/t w-o-w. Weak demand due to the onset of the monsoon has pulled prices down.
- Indian billet export market inactive, prices stable w-o-w: Indian BF-grade billet export prices remained stable but no deals were concluded recently amid weak buying interest and sluggish global demand. The bid-offer disparity continued to keep buyers at bay. As per market sources, Indian mills are still looking for price levels of around $620-640/t FOB. However, bids were heard below $600/t FOB. The Indian billet export market is expected to remain sluggish in the days to come.
- Iranian billet export market silent: Iran’s billet export market remained less active this week amidst news of power cuts at a few mills. No firm deals for exports have been recorded by SteelMint so far. SteelMint’s latest assessment of Iran’s billet export (130*130mm, 3SP) prices stood at $560/t FOB on 10 June 2022, down by around $4/t w-o-w. Notably, prices have hit a six-month low, data maintained with SteelMint shows.
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