The Southeast Asian imported billet market continued to exhibit a downtrend in prices this week. Billet prices have been impacted this week due to fewer working days amid Good Friday and Easter holidays. In addition, limited trade activities and a downtrend in billet import prices were recorded on weak sentiments in the Chinese futures market.
As per sources, billet import offers have dropped in the range of $513-515/tonne (t) CFR and bids are at around $505-510/t CFR. According to BigMint’s bi-weekly assessment, billet import prices went down by $5/t w-o-w to $510/t CFR Manila on 29 March.
Furthermore, Chinese billet prices fell by RMB 130/t ($18/t) w-o-w to RMB 3,280/t ($454/t) on 29 March against 22 March. Weak demand of raw materials, low steel production and drop in rebar futures have weighed on billet prices. Meanwhile, Chinese SHFE rebar futures recorded a significant drop of RMB 200/t ($28/t) w-o-w to RMB 3,412/t ($473/t) today as against 22 March.
Market highlights:
- Thailand’s imported billet offers inch up w-o-w: Thailand’s imported billet offers stood at $520/t CFR Thailand, rise of around $5/t w-o-w.
- Vietnam’s billet export offers remain stable w-o-w: Vietnam’s billet export offers remained stable at the range of $505-510/t FOB this week.