SE Asia: Imported billets prices fall on less active trade

The South East Asian imported billets market remained subdued this week in the absence of firm bids. SteelMint’s bi-weekly assessment of imported billets (3 SP) into the Philippines stood at $640/tonne (t), CFR Manila, down by around $20/t, w-o-w.

“The market is less active currently. For 5 SP billets, price indications are around $640-650/t, CFR,” said traders.

Market highlights

• Vietnam’s billets export offers inch up: BF-route billets offers from the country inched up by $5/t on a w-o-w basis to $615/t FOB, according to SteelMint sources. No deals were heard to be concluded this week.
• Thailand’s billets import prices unchanged: Indicative imported billets offers into the country from various origins stood at $620/t CFR, unchanged, w-o-w.
• Indian billets export market quiet: Indian billets exports market turned subdued this week amidst bid-offer disparities with recent tenders fetching lower bids than market expectations. An Indian mill had floated two ocean sale export tenders due on 23 Nov’21 for end-December shipments. The tender for 20,000 t of steel blooms (200x200mm, 3SP/4SP grade) did not elicit any response. while the other one, for 10,000 of steel blooms (150x150mm, SAE 1008 grade) was heard to have fetched bids at around $585/t FOB. However, it seems less likely that the mill will conclude the tender, given the bid-offer disparities.
• Iranian billets export market awaits tender results for price clarity: Iranian billets exports market turned bearish in the second half of this week, with market participants waiting for the outcome of the recently floated tenders for price clarity. Khouzestan Steel Company (KSC) had floated steel billets and slab export tenders of 40,000 t each. The shipment is likely to be scheduled for Dec’21. Another Iranian steel mill, Chadormalu, had also floated a tender for 30,000 t of billets for exports. Both the tenders are under negotiation, as per sources.“Iranian mills were expecting price levels of $595-600/t, FOB for recent billets export tenders floated. But the bids received are not in line with the company’s expectations. Hence, none of the recent tenders have been concluded,” a source from a leading Iranian steel mill said.