- Subdued buying dampens trade activity
- Tariff concerns roil global market
Steel billet prices in the global market continued to decline this week, weighed down by rising trade tensions involving China and fresh tariff measures impacting steel exports. Not many deals were reported during the week, as buyers remained cautious. The ongoing uncertainty around China’s export outlook and concerns over potential retaliatory tariffs prompted a wait-and-see approach, with expectations of further price volatility and thinner mill margins.
Additionally, melting scrap prices also witnessed a downward trend this week globally. Turkish deep-sea imported scrap prices declined by $8-10/t w-o-w, showing little sign of recovery. Both buyers and sellers stayed cautious, avoiding new deals amid ongoing uncertainty. Turkish mills faced sluggish demand for finished steel both domestically and abroad, limiting their ability to raise prices or offset rising energy costs. US-origin HMS 80:20 bulk scrap stood at $370/t CFR Turkiye, down $9/t w-o-w.
Market highlights
- SE Asian imported billet prices fell w-o-w amid growing concerns over trade tensions and the imposition of tariffs on Chinese steel exports. Buyers in the region remained cautious in response to weakening Chinese prices and potential shifts in regional trade dynamics. Offers for billets (150 x 150 mm, 5SP) imported by the Philippines were heard at around $450-455/t CFR Manila, down $3/t w-o-w on 11 April. Additionally, billet offerings were recorded at $458/t CFR Manila, source informed BigMint.
- Vietnam’s billet market remained inactive, with most traders refraining from offering material amid regional price volatility and tariff-related uncertainty. Vietnam’s blast furnace (BF) grade billet export offers stood at $460/t FOB on 11 April. Absence of trades was due to high billet offers in the region, sources informed.
- The Iranian billet market remained muted post-Eid and Nowruz holidays, with no fresh tenders issued. Ongoing political uncertainty and currency fluctuations prompted sellers to delay re-entry into the market. Weekly price assessment held stable at $420/t FOB on April 11, with most sellers refraining from issuing offers.
- Chinese billet prices fell by RMB 80/t (11/t) w-o-w. Billet prices in China’s Tangshan dropped by RMB 80/t ($11/t) w-o-w to RMB 2,970/t ($406/t), including 13% VAT, on 11 April. The decline came amid weak domestic demand, sluggish downstream activity, and concerns over rising inventories. Sentiment was further dampened by ongoing US-China trade tensions, as China remains excluded from the recent 90-day US tariff suspension. SHFE rebar futures (October 2025 delivery) also slipped by RMB 31/t ($4/t) to RMB 3,279/t ($448/t), reflecting cautious sentiment amid thin trading and limited downstream buying.
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