SE Asia: Imported billets prices rise on global rally

South East Asian imported billets prices witnessed an upward trend this week post-Chinese New Year holidays. With the hike in global scrap and raw material prices, mills have raised billet export offers but buyers were seen resisting at quoted offers.

SteelMint’s bi-weekly assessment of imported billets (150*150mm, 3SP) into the Philippines currently stands at around $690/tonne (t), CFR Manila, a significant rise of $20/t, w-o-w.

Market highlights

• Vietnam’s billets export offers surge post-Tet holidays: Vietnam’s BF-route billets export offers stood at $690/t, FOB, a sharp rise of around $50/t when compared to offers towards end-Jan’22. Prices rose sharply after markets reopened post-Tet holidays.
• Thailand’s imported billets prices up: Indicative imported billets prices into the country are hovering in the range of around $680-690/t, CFR, witnessing a sharp $40/t increase as against prices seen in late-Jan’22.
• Offers from Indonesia also witness upside: According to market sources, offers from Indonesia’s Dexin Steel are at $700/t CFR Asia.
• Indian billets export market remains less active: Indian mills had raised billets export offers post-Chinese New Year holidays. The price rally in the domestic market, surge in billet export offers from CIS and the hike in Chinese domestic billet prices, have lifted the price idea from Indian mills too. However, bids received were lower than expected. SteelMint’s bi-weekly price assessment for Indian billets export (150*150mm, 3SP/4SP, BOF route) stood at $645-650/t FOB on 11 Feb’22, down by around $3/t w-o-w.
• Iranian billets export prices up in recent deal: With the global billets price surge and return of Chinese players into the market after the Lunar New Year holidays, Iranian billets export prices also witnessed an uptrend. An Iranian mill has concluded an export deal for 30,000 tonnes (t) of steel billets. The deal was heard to be concluded at $590/t FOB for Apr’22 shipment to Gulf Co-operation Council (GCC) countries. SteelMint’s assessment of Iran’s billets export (3SP) prices increased around $32/t w-o-w to $590/t FOB on 11 Feb’22.