SE Asia: Imported billet prices recover tracking Chinese price hike

Imported billet prices in Southeast Asia have recovered after falling in early this week. Lower bids in global markets have influenced prices to remain under pressure. However, a recovery in Chinese billet prices and rebar futures has been witnessed this week.

BigMint’s bi-weekly assessment of billets (150 x 150 mm, 3SP) imported by the Philippines were remained at range of $455-465/tonnes (t) CFR Manila, stable w-o-w.

Market highlights

• Vietnam’s billet export offers stable w-o-w: Vietnam’s blast furnace (BF)-grade billet export offers remained stable w-o-w at $465/t FOB. As per sources, in the domestic market, billet prices were at $480/t exw, which is higher than export prices, keeping trade activities lower.
• Thailand’s billet import offers were recorded at $455-460/t CFR, slightly down by $8/t w-o-w.
• Chinese billet prices increase w-o-w: Billet prices in Tangshan increased by RMB 150/t ($21/t) w-o-w to RMB 2,910/t ($410/t) (inclusive of 13% VAT) on 13 September. Rise in raw materials, finished steel prices and rebar futures have supported billet price throughout this week. SHFE rebar futures (January 2025 delivery) increased by RMB 159/t ($22/t) w-o-w to RMB 3,185/t ($449/t) on 13 September.
• Indian billet export market awaits tender outcome: The Indian billet export market is waiting for the conclusion of a billet tender for price clarity. State-owned Vizag Steel (RINL) had floated an ocean sale export tender for 30,000 t of blooms (prime concast steel billets – 150×150 mm, 3SP/4SP) on FOB ST delivery basis against 100% advance payment terms. The last date for bid submission was on 12 September and delivery is scheduled for 27 October.