South East Asia’s imported billet prices remained supported this week. However, bid-offer disparities, marginal correction in global scrap prices and weakened finished steel sentiments in the region kept deals at bay.
SteelMint’s bi-weekly assessment of billet (150x150mm, 3SP) imported by the Philippines currently stands at around $540/tonne (t) CFR Manila, stable, w-o-w.
Market highlights
- Vietnam’s billet export offers fall $15/t w-o-w: Vietnam’s BF-grade billet export offers stood at around $520/t FOB, a w-o-w fall of around $15/t. Falling scrap prices on the back of low movement in the finished steel sector in the region have weighed on the billet export offers, SteelMint understands.
- Thailand’s imported billet market silent: Thailand’s billet market witnessed low buying amid bid-offer disparities. Imported billet offers stood at around $550-555/t CFR, as per sources. However, bids are yet to improve.
- Iranian billet market awaits tender outcome: Iran’s steel billet export market remained silent this week with prices seeing a slight increase w-o-w. Low bids from the key importing nations, limited trades and pending political negotiations weighed on the export market. Meanwhile, market participants are awaiting the outcome of the export tender floated recently. Khouzestan Steel Company (KSC) has floated export tenders for 40,000 t each of steel billets and slabs. The shipments are likely to be scheduled for December. SteelMint’s latest assessment of Iran’s billet (3SP) export prices stood at around $465/t FOB on 14 October, stable, w-o-w.
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