Negative sentiments continued to prevail this week in the global billet market due to factors such as absence of firm buying interest and drop in bids from key importing nations which kept trades muted.
Market highlights
- Iranian billet export prices stable w-o-w: Iran’s billet export market remained silent this week with prices remaining stable w-o-w. No deals for exports were recorded by SteelMint so far. Falling global scrap prices, weak demand and the bid-offer disparities weighed on the billet export marke. Meanwhile, Khouzestan Steel Company (KSC) has floated a 40,000 t of steel billets export tender. The result of the tender is due next week. SteelMint’s latest assessment of Iran’s billet (3SP) export prices stood at $458/t FOB on 25 November, stable, w-o-w.
- SE Asia’s imported billet prices fall w-o-w: Imported billet prices in South East Asia witnessed a downward trend this week. Falling global scrap prices and market participants adopting a wait-and-watch approach owing to weak finished steel sentiments kept trade activities limited. SteelMint’s bi-weekly assessment for billet (150x150mm, 3SP) imported by the Philippines currently stands at $505/tonne (t) CFR Manila, down by $10/t, w-o-w.
- Thailand’s imported billet prices edge up: Thailand’s billet market witnessed low buying this week. Imported billets offers stood at around $505/t CFR, up by $5/t w-o-w, as per sources.
- China’s billet prices edge down towards weekend: Steel billet prices in China’s Tangshan decreased by RMB 20/t ($3/t) w-o-w. Prices stood at RMB 3,540/t ($493/t), including 13% VAT, on 25 November. According to data maintained with SteelMint, China’s SHFE rebar futures contract for January 2023 delivery closed at RMB 3,736/t ($521/t) on 25 November, a rise of RMB 20/t ($3/t) w-o-w.
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