The Southeast Asian imported billet market remained silent due to lower buying interest. Meanwhile, billet prices were recorded at a similar level compared to last week. Absence of billet tenders has been witnessed.
According to sources, billet import offers remained at same levels w-o-w at $525-530/tonnes (t) CFR Manila. In addition, bids are below $520/t CFR Manila.
Meanwhile, Turkish steel producers remained silent in the deep-sea scrap import markets after securing two deals this week, attributed to poor finished steel demand. The two deals were heard on 14 May, with a steel mill clinching a bulk deal at $377/t.
Additionally, from the Marmara region, a European cargo comprising an undisclosed volume of HMS (75:25) was booked at $375/t, with bonus scrap at $400/t CFR. Due to the lack of fresh trading activity, the daily scrap indices remained unchanged throughout the week.
Market highlights:
- Vietnam’s billet export offers for IF were recorded at the same levels of around $515-520/t FOB Vietnam this week.
- Thailand’s imported billet offers declined at the range of $525-530/t CFR Thailand this week.
- China’s steel billet prices edged up w-o-w: Billet prices in Tangshan edged up by RMB 40/t ($5/t) w-o-w to RMB 3,500/t ($484/t) on 17 May, 2024 against 10 May. Prices include 13% VAT. Volatility in finished steel prices and rise in rebar future prices kept supporting billet prices. SHFE rebar futures (October, 2024 delivery) increased by RMB 54/t ($7/t) w-o-w to RMB 3,716/t ($514/t) on 17 May, 2024.