- Lack of buying interest seen in global markets
- China limits semis’ export amid environment concerns
Global billet prices fell this week. In addition, billet importers are anticipating weak buying interest as China is limiting semis exports with an eye on carbon emissions. Trade volumes have lowered, as participants in the global market preferred to wait and watch price trends and remained cautious about floating billet export tenders.
Notably, the Turkish imported ferrous scrap market witnessed fluctuating offers throughout the week. Initially, there was a slight uptick in offers following some deals of HMS (80:20) concluded towards the end of the previous week, hovering at $378-380/tonnes (t) CFR levels. However, these prices rebounded due to the subdued conditions in the Chinese market.
Market Highlights:
- SE Asia billet import prices dip w-o-w: The Southeast Asian imported billet market remained muted and billet prices have been downtrending this week. Notably, absence of fresh export tenders were seen this week. According to BigMint’s bi-weekly assessment, billet import prices declined by $10/t w-o-w to $525/t CFR Manila on 15 March 2024.
- Thailand’s imported billet offers inch down w-o-w: Thailand’s imported billet offers stood at $530-535/t CFR Thailand, a slight drop of around $2-3/t w-o-w.
- Indonesian steelmaker Dexin Steel has kept its billet (3 SP) offer at around $515/t FOB, as per sources. It is expected that the offers will be more lowered in near future.
- Vietnam’s billet export offers stood at the range of $505-510/t FOB this week. In the domestic market, billet prices have declined by $30/t, sources informed.
- Chinese billet prices decline w-o-w: Chinese billet prices fell by RMB 150/t ($21/t) w-o-w to RMB 3,310/t ($460/t) on 15 March against 8 March. Drop in finished steel prices and rebar futures have weighed on billet prices. Meanwhile, Chinese SHFE rebar futures edged down by RMB 201/t ($28/t) w-o-w to RMB 3,490/t ($485/t) today against 8 March.
