Global billets prices have remained range-bound w-o-w amid the ongoing Chinese New Year and Tet festival holidays. However, with a rise in scrap prices and expected demand recovery post-holidays, global billets offers are likely to strengthen in the near term. Turkiye’s imported scrap prices have risen by about $10/t w-o-w.
Market highlights-
- Indian billet export tenders receive good response: A few Indian mills became active in the export market. An Indian mill had floated a tender for 30,000 t of blooms (150mm, 3SP/4SP, BoF) for end February 2023 delivery. According to sources, the tender was concluded at $570-571/t, FOB levels on 100% advance payment terms. However, confirmation could not be received till the time of publication of the report.
- Iranian billet export market up w-o-w: Iran’s billet export market remained less active this week on news of gas restrictions imposed on a few mills. No firm deals for exports were recorded this week amidst limited offers. However, the hike in scrap offers kept prices supported. The latest assessment of Iran’s billet (3SP) export prices stood at around $542/t FOB on 27 January, up by around $8/t w-o-w.
- SE Asia’s imported billet market stable: South East Asia’s imported billet market continued to remain stable as market participants were yet to return from the New Year holidays. However, prices for imported billets remained supported this week. SteelMint’s bi-weekly assessment of billet (150x150mm, 3SP) imported by the Philippines stood at around $590/t CFR Manila, stable w-o-w.
- Thailand’s billet export offers breach $600/t-mark: Thailand billet import offers were recorded at $620-640/t CFR. However, no active deals were heard at these offers.
- Vietnam’s sellers hold back export offers: Vietnam’s BF-grade billet export market was mostly quiet this week as they were largely sold out for March shipments and amidst Tet holidays.
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