- Iranian billets face banking, delivery hurdles
- SE Asian buyers seek spot-ready shipments
In the 29th week of 2025, the global billet market stayed subdued amid thin trade and weak demand, largely due to summer holidays in Turkiye and thin buying interest across regions.
Offers for 3SP Chinese cargoes hovered around $455/t CFR. Asian FOB levels inched up to $440-445/t, supported by firm Chinese futures.
Market activity remained range-bound with no major changes in Russian or Turkish trade flows.
As per BigMint, deep-sea imported scrap prices stayed firm at $347/t CFR Turkiye, with 2-3 bulk deals done in the $344-347/t range, as weak rebar demand and holidays kept mill buying limited.
Market highlights
Overall, market sentiment remained cautiously optimistic, and while core fundamentals stayed stable, the mood improved slightly as traders awaited clearer signals on demand recovery and potential policy support.
In the Philippines, 150×150 mm 5SP billet offers dropped by $5/t w-o-w to $450/t CFR Manila as of 18 July amid limited activity. Sellers remained quiet, while some buying interest was seen for Chinese and Russian cargoes, though no confirmed trades emerged.
SE Asia offers for 5SP billets reached $460-465/t CFR, but buying remained cautious.
Iranian billet remains the most competitive in terms of pricing, currently offered at $415-425/t FOB with added discounts based on payment terms and supplier flexibility; levels may drop further.
No export tenders were floated, but Iran’s domestic billet and rebar prices saw early-week dips amid weak sentiment, political uncertainty, and indecision on pellet pricing. Billet fell to 309,500 rial/kg on 14 Jul (down 2,000 rial/kg w-o-w) before rebounding to 312,000 rial/kg by 16 Jul. Rebar followed, slipping to 367,000 rial/kg before rising to 370,000 rial/kg, driven by firmer Tehran Metal Exchange trends and expectations of clearer pellet pricing guidance.
Despite limited buying, demand is expected to return once pricing and policy signals turn clearer.
BigMint assessed Russian billet at $435/t FOB Black Sea remains stable w-o-w. September shipment offers stood at $435-440/t FOB, while some mid-sized mills floated $450-455/t FOB. Despite limited buying interest at higher levels, a 60,000-80,000 t cargo was reportedly booked at $450/t FOB, likely headed to Egypt. Donbas-origin billet held steady at $435/t FOB.
CIS-origin offers were held at $450-455/t CFR, with limited deals, and Russian 3SP billet was heard booked at $440/t CFR Taiwan.
With RUB/USD rates squeezing margins, export rebar prices are reportedly $50-55/t below domestic levels. As a result, mills are expected to favour domestic sales while supporting trading firms.
Chinese billet prices rise w-o-w
Chinese billet prices in Tangshan rose by RMB 50/t ($7/t) w-o-w to RMB 3,010/t ($419/t incl. VAT) as of 18 July, driven by positive policy cues, firm futures, and lower inventories. Mid-week saw a slight dip on muted housing demand and volatile raw material costs, but prices ended higher w-o-w, supported by capacity cut optimism. SHFE Oct’25 rebar futures also gained RMB 34/t ($5/t) to RMB 3,167/t ($441/t).
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