South East Asia’s imported billets market remained silent on low buying interest amid subdued finished steel demand in the region and bid-offer disparities, SteelMint noted.
Offers are still at higher levels of $645/t CFR Manila. However, bids still remain at around $620/t CFR Manila, sources informed.
SteelMint’s bi-weekly assessment of BF-route billets (150x150mm, 3SP) imported by the Philippines currently stands at around $635/tonne (t) CFR Manila, an increase of around $6/t w-o-w.
Market highlights
- Vietnam’s billets export offers up w-o-w: Vietnam’s BF-grade billets export offers increased w-o-w following a rise in imported scrap prices in the region. Current offers stood at $650/t FOB, an increase of around $10/t, w-o-w. However, no active deals were reported at current offers.
- Indian mills active in export market: A state-owned steelmaker floated an export tender for the spot sale of 30,000 t of steel blooms (BF-route, 150x150mm, 3SP/4SP grade). The tender was floated against 100% advance payment terms. According to sources, the deal was concluded at $600-605/t on FOB at the beginning of this week. Meanwhile, another ocean sale export tender for 30,000 t of steel blooms (150x150mm, 3SP/4SP) has been floated on FOB ST delivery against 100% advance payment terms. The last date for bid submission is 23 March, 2023 and the delivery is scheduled for 15 May. SteelMint’s latest assessment of India’s billets (150*150 mm, 3SP/4SP) export prices stood at around $607/t FOB on 17 March, up by around $5/t w-o-w.
- Iranian billets export market less active amid holidays: Iran’s steel billets export market has remained inactive amid the New Year holidays in the region, although prices remained supported. SteelMint’s latest assessment of Iran’s billets (3SP) export prices stood at around $573/t FOB on 17 March, a marginal increase of $2/t w-o-w.
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