Declining global scrap prices and ongoing Ramadan festive holidays have kept trade sentiments bearish this week. Imported scrap prices in Turkey have weakened by USD 10 this week in recent deals from US.
Billet export offers from CIS nations soften: The trades from CIS nations were dull this week due to Ramadan holidays. However offers have softened slightly to USD 420/MT, FoB Black Sea for Russian billets. Offers are marginally down against last week offers of USD 420-425/MT, FoB Black Sea.
Indian billet export assessment fell USD 10 this week: A govt. owned unit had floated export tender for billet of quantity 16,200 MT. The cargo will be shipped from Vizag port. The material offered was for 150*150 mm with specifications: C-0.17-0.23%, Mn-0.50-0.90%, S-0.05% max, P-0.05% max and Si – 0.15-0.35%. Due date for bid submission was on 13 May’19. According to trade sources report to SteelMint, the highest bid fetched in the tender was around USD 425/MT, FoB levels. However, no confirmation was received from company officials till the time of publishing this report.
Vizag Steel’s billet and bloom export tender for 60,000 MT quantity is due next week.
SteelMint’s assessment for billet export from India for 150*150mm stands at USD 425-430/MT, FoB India, down by USD 10 against last week.
Vietnam billet offers to Phillipines: Billet offers from Vietnam to Phillipines were reported to be USD 460/MT, CFR for 5SP grade 130*130mm billets.
Imposition of sanctions from US on Iran dampens market sentiments: U.S. President Donald Trump this week imposed new sanctions on Iran, targeting revenue from its exports of industrial metals. An executive order issued by Trump covers Iran’s iron, steel, aluminium, and copper sectors, the government’s largest non-petroleum-related sources of export revenue and 10% of its export economy, a White House statement said.
First U.S sanctions and now, Turkey’s shifting interest towards South East Asian countries for exports, has increased the dullness intensity in the Iranian export and domestic market, SteelMint learned from market sources. Although, Iranian marketers are taking it as just another setback. SteelMint’s assessment for Iran billet export stands at USD 380-390/MT, FoB.
China: The ex-factory price of general carbon billet in Tangshan, Changli and Qian’an areas was learned to be around RMB 3,580/MT on 10 May’19.
Turkey: Turkish steel billet prices have remained stable over the past week. As per reports, a steel producer in Northern Turkey sold some 40,000 MT of billet to Saudi Arabia and SE Asian countries at USD 425-430/MT, FoB.
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