After remaining quiet for more than two weeks, South East Asia’s imported billets market saw sizeable billets volumes being booked from Russia and an ASEAN nation. The cargoes were booked for the Philippines in the price range of $695-705/tonne (t) CFR. On the other hand, other markets also remained silent, anticipating stability as, since the last two weeks, the Shanghai Futures Exchange (SHFE) rebar market is volatile.
According to data maintained with SteelMint, the SHFE rebar futures Oct’21 contracts on 11 June’21 settled with a d-o-d rise of RMB 154/t ($24/t) to RMB 5,322/t ($833/t). However, on a w-o-w basis, they (futures) rose by RMB 163/t ($26/t).
SteelMint’s bi-weekly assessments of imported billet offers in SE Asia are currently at $695-700/t, CFR Manila, up by $20/t against last week.
Deals & Offers
Russia: A Russian mill reportedly sold around 20,000 t of billets to the Philippines at $695/t, CFR, recently from the far eastern part of the country. On the other hand, Black Sea offers also saw a rise amidst rising SHFE rebar futures. These offers are currently at $645-650/t FoB, up by $5-10/t w-o-w.
India: No substantial offers were heard from the primary manufacturers. However, a state-owned mill floated export tenders for 30,000 t of steel blooms (150x150mm, 3SP/4SP grade) again. The tenders are against 100% advance payment terms and are due on 11 Jun’21. The shipment is scheduled for the end of July’21. Market participants are awaiting outcome of the tender to get a clear idea on Indian billet export prices. SteelMint’s assessment for 150*150 mm billets on 8 Jun’21 was at $610-615/t FoB.
Indonesia: A leading Indonesian mill recently sold around 20,000 t of billets to the Philippines at $700-705/t CFR. However, the country’s domestic billets market remained sluggish, SteelMint learned from local sources.
Vietnam: The BF-route billet offers from the country dropped sharply by $20/t, on a w-o-w basis, amidst the volatile rebar futures market. According to SteelMint sources, BF-route offers are at $670/t FoB, while IF- route offers are at around $660/t FoB.
Thailand: Indicative imported billet offers into the country are at $700/t CFR. Billet offers are mainly heard from the ASEAN side, said a SteelMint source. However, the bids are at $680-685/t CFR.
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