South East Asia’s imported billet import prices have remained largely rangebound. However, with the recovery in global scrap prices and the rebound in Chinese steel prices, billet prices are likely to find some support.
SteelMint’s bi-weekly assessment of BF-route billet (150x150mm, 3SP) imported by the Philippines currently stands at around $540/tonne (t) CFR Manila, stable w-o-w. Offers are at around $550/t CFR. However, bids continue to remain on the lower side and were heard at around $530/t CFR levels.
Market highlights:
- Vietnam’s billet export offers up by $15: Vietnam’s BF-grade billet export offers stood at around $510/t FOB, up by $15 w-o-w. Imported scrap prices in Vietnam have seen a sharp recovery from Japan post Kanto Tetsugen tender, which have boosted billet prices.
- Indian billet export market inactive: Indian BF-grade billet export trade continued to remain inactive as buyers kept away. Steel mills in India are not ready to sell at lower rates as they are getting a better realisation in the domestic market. One offer was heard around $600/t FoB levels, but no deal was concluded due to bid-offer disparity.
- Iran: Billet export prices range-bound – Iran’s billet export market remained less active this week amid the Muharram holidays. Prices remained range-bound at $450-460/t FOB Iran. ESCO has floated a tender for 30,000t billet exports for mid-Oct shipment. The tender due date is on 15 August.
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