- Lower buying billet prices in global market
- Iranian billet export tender concludes at lower price
Global billet prices have declined this week. Notably, market participants are inactive owing to lower buying interest in the global market, resulting in lacklustre trading activities. Additionally, billet offers have also been impacted by fewer working days amid Good Friday and Easter holidays. Meanwhile, sluggish Chinese future market weighed on billet offers globally.
Market highlights
- SE Asia billet import prices drop w-o-w: The Southeast Asian imported billet market continued to exhibit a downtrend in prices this week also due to Good Friday and Easter holidays. As per sources, billet import offers have dropped in the range of $513-515/tonne (t) CFR and bids are at around $505-510/t CFR. According to BigMint’s bi-weekly assessment, billet import prices went down by $5/t w-o-w to $510/t CFR Manila on 29 March.
- Iranian billet export prices fall to over 3-month low in recent deal: An Iranian steel mill has concluded an export tender for 40,000 t of billets (150mm), sources informed. The deal was heard concluded at $484/t FOB for May’24 delivery. Prices decreased to over three-month low.
- Thailand’s imported billet offers inch up w-o-w: Thailand’s imported billet offers stood at $520/t CFR Thailand, rise of around $5/t w-o-w.
- Vietnam’s billet export offers remain stable w-o-w: Vietnam’s billet export offers remained stable at the range of $505-510/t FOB this week.
- Chinese billet prices fall w-o-w: Chinese billet prices fell by RMB 130/t ($18/t) w-o-w to RMB 3,280/t ($454/t) on 29 March against 22 March. Weak demand of raw materials, low steel production and drop in rebar futures have weighed on billet prices. Meanwhile, Chinese SHFE rebar futures recorded a significant drop of RMB 200/t ($28/t) w-o-w to RMB 3,412/t ($473/t) today as against 22 March.
