Imported billet prices in SE Asia witnessed a significant drop amid global downtrends and lower bids. Global scrap prices saw a sharp dip of $20/t in recently concluded deals, our credible sources reported.
SE Asian buyers are currently in a wait-and-watch mode until the Chinese New-Year holidays as they are anticipating a further dip in prices. We also learned that Indonesia has temporarily opted out from the market as local billets are reasonable and following the downward trend. An Indonesian trader shared this input with SteelMint.
The imported billet offers were in the range of $570-580/t, CFR Philippines. While buying interest was hovering below $560/t, CFR.
Bucking the trends were a couple of Iranian cargoes of 30,000 t billets that were booked in the SE Asian region. We could not confirm the destination until the publishing of this report.
Deals and offers:
Iranian billet export prices fall in recent deals- The two leading steel exporting mills- Chadormalu Mining and Industrial Company and Khouzestan Steel Company (KSC) booked 60,000 t billets. However, the bookings witnessed a price drop of $20-25 w-o-w.
According to SteelMint sources, KSC managed to achieve price levels of $540/t FoB for the Far East, while Chadormalu concluded the tender at $530-535/t, FoB. SteelMint’s bi-weekly assessment for Iranian billets is $535-540/t, down by $20-25/t against last week.
Indian billet export prices plunge in a recent tender- Billet export prices saw a significant w-o-w fall of $35-40 in a recently hosted tender by an Indian state-owned mill. The mill reported having booked 30,000 t billets (150*150mm, 3SP/4SP) through a spot sale tender at $530-535/t, FoB for Mar’21 shipment, credible sources reported to SteelMint. Prices have come down by around $40 against its previous tender concluded in early Jan’21 at around $575-576/t FoB for mid-Feb shipment. SteelMint’s bi-weekly assessment for Indian billets (150*150mm, BF route, FoB east coast) is currently at $530-535/t.
CIS- This week, CIS offers witnessed a further fall of $10-15 and are currently at $550/t, FoB Black Sea.
Vietnam billet export offers fall by up to $20 w-o-w – Following global trends, Vietnamese billet export offers witnessed a sharp drop of $ 15-20 this week. The BF route billets were heard being offered at $565/t, FoB, while the IF route was at $560/t, FoB Vietnam.
Thailand billet import prices decline- The imported billet offers in the country were ranging from $570-580/t, CFR, down by $20-25 w-o-w.
This week, SteelMint assessment for billet imports in SE Asia is $560-570/t CFR, down by $30-40 w-o-w.
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