- SE Asia billet market witnesses active trade
- Turkish imported scrap prices edge down
The Southeast Asian imported billet market witnessed some billet offers this week. This happened due to Chinese billet players have returned to the market post-holidays. Meanwhile, a trade of 10,000 t billet (5SP) was recorded at $525/t CFR for June or early July shipment. However, some mills have also floated billet offer at around $505/t FOB, for July month shipment.
According to sources, billet import offers remained rangebound w-o-w to $520-530/t CFR Manila.
Market highlights:
- Vietnam’s billet export offers for IF were recorded at the same levels of around $515-520/t FOB this week. In addition, billet offers of blast furnace route stood at $505/t FOB.
- Thailand’s imported billet offers stood stable at the range of $530-535/t CFR Thailand this week.
China’s steel billet prices edge down: Billet prices in Tangshan dropped by RMB 40/t ($5/t) to RMB 3,460/t ($479/t) on 10 May, 2024 against 6 May, 2024 post-holidays. Prices include 13% VAT. Notably, Volatility in raw material, finished steel prices and falling rebar futures have weighed on billet prices. SHFE rebar futures (October, 2024 delivery) fell by RMB 73/t ($10/t) to RMB 3,662/t ($507/t) on 10 May, 2024.
Meanwhile, Turkish imported scrap prices continued to edge down as buyers pulled workable price levels lower whereas European recyclers resisted due to slow scrap inflows and firm collection costs. A few suppliers targeted $382-384/t CFR Turkiye for HMS (80:20) keeping in mind dockside prices of Euro 315-317/t ($339-$341) and low availability.