Imported billet prices in SE Asia saw a rise in recent bookings reported from Japan at $545-550/t, CFR. The deals have set an upward tone for the post-holiday market as the indicative offers were heard at $550-560/t, CFR. The price hike sentiments were also strongly driven by the increasing Chinese rebar futures, which reported having increased by over RMB 100, w-o-w.
Meanwhile, FoB level offers from all the major regions like CIS, India, and Iran have declined. However, due to the rise in freight cost amid congestion in the SE Asian and South China ports, the imported billet prices witnessed an increase.
“The market is quiet today due to Chinese New-Year holidays (CNY). We will have a better picture early next week. However, billet import offers in SE Asia are pushing up”, highlighted a trader.
Deals and offers:
India: An Indian spot sale export tender floated for 30,000 t billets (150*150mm, 3SP/4SP grade) by a mill received limited response. The dull response was due to the ongoing CNY. The base price of the tender was at $510/t, FoB India, SteelMint gleaned from its credible sources.
Indian billet export prices witnessed a marginal fall in a recent deal. This was the third consecutive week when billet prices were seen dipping. According to SteelMint sources, a state-owned mill booked a billet cargo at $515/t, FoB. The deal was done off-tender for around 16,200 t (150*150mm).
SteelMint’s bi-weekly assessment for Indian billets (150*150mm, BF route, FoB east coast) is $515/t, down $5-7 w-o-w.
Iran: Iranian billet export offers continuing dipping for this week as well. However, we have not witnessed any deals at revised price levels. The ongoing Chinese New Year holidays (11-18 Feb ’21), have kept the buyers quiet. SteelMint’s bi-weekly assessment for Iranian billets is currently at $510-515/t, FoB, down by $10-15 w-o-w.
Thailand – The imported billet offers in the country broadly remained stable this week, at $550/t, CFR.
This week, SteelMint assessment for billet imports in SE Asia is $550-560/t CFR, up by $15-20 w-o-w.
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