SE Asia: Imported billets market bearish, limited trade reported

The South East Asian imported billets market remained bearish this week with only a few deals heard for the Philippines at around $660/tonne (t) CFR levels. SteelMint’s bi-weekly assessment of imported billets offers from South East Asia currently stands unchanged at $660/t, CFR Manila, w-o-w.

Market highlights:

• Vietnam’s billets export offers down: BF-route billets offers from the country decreased by $20/t on a w-o-w basis to $610/t FOB, according to SteelMint sources. No deals were heard to have been concluded this week.
• Thailand’s billet import prices fall: Indicative imported billets offers into the country stood at $620/t CFR, a significant fall of $35/t, w-o-w.
• Indian billets export prices drop: Indian billets export prices continued to exhibit a southward momentum following the drop in bids from China and South East Asia. However, billet prices fell to around a four-month low, as per data maintained with SteelMint. An Indian mill is reported to have floated a tender for 30,000 t of square billets (150mm, 4SP) for exports through tender for December delivery. It is learned that the company managed to fetch bids in the range of $590-595/t FOB India, SteelMint learnt from sources. As per the sources, the bid put up was for the non-Chinese market, most probably for Egypt or Turkey. Also, Vizag Steel floated two ocean sale export tenders on 18 Nov’21. The first is for 20,000 t of steel blooms (200x200mm, 3SP/4SP grade), while the other is for 10,000 t of steel blooms (150x150mm, SAE 1008 grade) on FOB ST, delivery basis against an irrevocable letter of credit on payment at sight terms. The shipment has been scheduled for end-December and the tender’s due date is 23 Nov’21.
• Iranian billets export prices decline: Iranian billets export prices saw a sharp decline on falling Chinese futures and weak global demand. Billets prices in Iran fell to around six-month-lows, as per data maintained with SteelMint. In the current week, no firm deal for exports has been recorded by SteelMint so far. SteelMint’s price assessment for Iranian billets exports (150*150 mm, 3sp, BOF route) stands at $600/t FOB, down by around $20/t w-o-w.