SE Asia: Imported billet prices drop w-o-w amid weak market sentiments

Import billet prices in South East Asia witnessed a decline this week following a decrease in global scrap prices and low buying interest amid weak finished steel demand in the region. Meanwhile, Turkiye’s imported scrap prices fell by around $11/t w-o-w.

Declining rebar futures weighed on billet import prices. According to SteelMint data, China’s SHFE rebar futures stood at RMB 4,107/t today, a sharp fall of RMB 155/t ($22/t).

SteelMint’s bi-weekly assessment of BF-route billets (150x150mm, 3SP) imported by the Philippines stands at around $610-615/tonne (t) CFR Manila, a decrease of around $20-25/t w-o-w.

Market highlights

• Vietnam’s billet export offers down w-o-w: Vietnam’s BF-grade billet export offers decreased w-o-w following a decline in imported scrap prices in the region. Current offers stood at $620/t FOB, a decrease of around $30/t w-o-w. However, no active deals were reported at current offers.
• Indian billet export prices fall: Workable prices of Indian billet for export witnessed a drop, sources informed. A few sources indicated prices at around $590/t FOB. However, no deal was confirmed at the time of publishing this report.
• Iran’s billet export market inactive: Iran’s steel billet export market has turned inactive amid the New Year holidays in the country. However, an Iranian steel mill concluded an export deal for 30,000 t of blooms (200*200mm) at $577/t FOB at the beginning of this week.