SE Asia: Imported billet offers surge; market sluggish amid bid-offer disparity

South-East Asia’s imported billet market remains largely inactive this week due to the gap between bids and offers, SteelMint notes.

Imported billet offers were heard at around $575-580/tonne (t) CFR. However, bids are yet to improve as it stands around $565/t CFR, a source informed SteelMint.

SteelMint’s biweekly assessment of BF-route billets (150x150mm, 3SP) imported by the Philippines currently stands at around $571/t CFR Manila, an increase of around $44/t, w-o-w.

Market highlights

• Vietnam’s billet export offers rise w-o-w: Vietnam’s BF-grade billet export offers increased by around $25/t as against last week following a hike in the country’s imported scrap offers. Current offers are at around $545/t FOB. However, no active deals have been reported so far for current offers.
• Thailand’s imported billet prices edge up: Imported billet offers stood at around $550/t CFR, up by around $17/t w-o-w, as per sources. However, low buying still prevails in the market.
• Iranian steel billet export prices head north: Iran’s billet export market remained active this week with prices increasing in a recently-concluded deal. An Iranian mill concluded an export deal for 30,000 t of steel billets at around $465/t FOB, sources informed SteelMint. Another 30,000 t export deal was concluded for GCC at around $475/t FOB. Prices have corrected upwards by around $15/t as against the last concluded tender at the beginning of December.