Imported billet prices in South East Asia edged higher this week. However, market participants adopted a wait-and-watch approach owing to weak finished steel sentiments in the region which kept trades at bay.
SteelMint’s bi-weekly assessment for billet (150x150mm, 3SP) imported by the Philippines currently stands at around $520/tonne (t) CFR Manila, up by around $21/t, w-o-w.
Market highlights
- Vietnam’s billet export offers up w-o-w: Vietnam’s BF-grade billet export offers increased by around $15/t w-o-w. Current offers stand at around $480/t FOB. However, no active deals have been reported so far at current offers.
- Thailand’s imported billet prices edge down: Thailand’s billet market witnessed low buying this week. Imported billet offers stood at around $500/t CFR, down by $5/t w-o-w, as per sources.
- Iranian billet export market silent: Iran’s billet export market remained silent this week with prices remaining stable w-o-w. Falling global scrap prices, weak demand and bid-offer disparities weighed on the billet export market, SteelMint notes. However, power cuts in the coming days may keep offers supported in the near term. SteelMint’s latest assessment of Iran’s billet (3SP) export prices stood at around $458/t FOB on 18 November, down $7/t w-o-w.
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