Weekly recap: Billet prices inch up across regions; market stays restrained

• Turkish scrap holds steady; mills remain sidelined
• Firmer offers fail to lift billet market activity

In the 27th week of 2025, the global billet market showed mixed sentiment with limited trade and shifting regional supply dynamics. Export activity remained slow despite firmer offers in some regions, while cautious buying and weak downstream demand continued to weigh on overall market tone. Market activity is expected to improve gradually, though buyers remain cautious and demand recovery continues at a measured pace.

According to BigMint, Turkiye’s deep-sea ferrous scrap import prices remained largely stable w-o-w, hovering around $345/t CFR. Market activity stayed subdued amid the summer lull in Europe and weak Turkish steel demand. Mills limited inquiries and paused bookings due to falling domestic prices, awaiting clearer signs of recovery in end-user demand and exports.

Market highlights 

Asian billet market saw mixed sentiment as regional prices edged up, though trade activity remained limited. Vietnamese mills prioritised domestic demand, while the Philippines saw limited buying despite firmer offers. Indonesian export sentiment improved with higher offers, though domestic weakness and buyer caution persisted. Chinese prices gained on futures support and supply curbs.

Vietnam billet export offers stable: No fresh export offers surfaced from Vietnam as sellers prioritized domestic demand amid regional supply constraints. While no new offers or import deals emerged, market participants noted that demand persists, and buyers are actively seeking cargoes amid tight regional availability.

In the Philippines market, billet offers for 150×150 mm 5sp material rose to $450/t CFR Manila as of July 4th, up by $10/t w-o-w. The uptick was largely driven by tighter regional supply, though buying remained measured. While sentiment improved slightly, actual trade volumes stayed limited.

Indonesian 5sp steel billet offers to China have increased to $455/t CFR, as sellers adjusted prices in line with the positive market sentiment driven by Chinese futures. However, buyers remain cautious, anticipating lower prices before making any purchases. Meanwhile, weak domestic demand persists amid reduced infrastructure spending.

Iran’s billet market resumes post conflict : Iran’s billet export market is showing early signs of picking up post war concerns. Sellers are gradually raising offers, supported by a rebound in Chinese futures, while markets like the Philippines have also started to lift offer levels. Sentiment remains cautious but slightly more optimistic.

BigMint’s Russian Billet assessment, FOB Black Sea, export offers held steady w-o-w at $440/t FoB for 125-150 mm square billet, with no notable market movement reported.

Chinese billet prices inched up by RMB 30/t ($4/t) w-o-w: Steel billet prices in Tangshan, China, surged by RMB 30/t ($4/t) w-o-w to RMB 2,940/t ($410/t), including 13% VAT, on 4 July 2025. Billet prices showed strength boosted by positive macroeconomic news, production curbs limiting the supply following demand in the finished segment. Meanwhile, SHFE rebar futures (October 2025 delivery) rose w-o-w by RMB 77/t ($11) to RMB 3,072/t ($429/t) on 4 July 2025.