- Weak market sentiment amid holidays in China
- Iranian billet export tender concludes this week
Global billet prices exhibited mixed trends this week. The billet market remained subdued amid the ongoing labour Day holidays in China. In addition, the absence of billet export tenders in the global market was witnessed except in Iran.
Meanwhile, imported ferrous scrap prices in Turkiye remained stable w-o-w after a busier last week. The imported scrap market was quiet in the middle of the week due to a public holiday, with a generally pessimistic outlook prevailing. There were minimal fresh deep-sea scrap deals heard throughout this week as Turkish steel producers were out of the market and thin activity in scrap was seen because rebar sales remained limited. According to BigMint, HMS 1 and 2 (80:20) prices from the US stood at $385/tonnes (t) CFR on 2 May,2024.
Market highlights:
- SE Asia billet import offers drop w-o-w: The Southeast Asian imported billet market remained silent this week. Due to ongoing Labour Day holidays in China, subdued market sentiment have lowered billet offers. In addition, absence of billet trade activities were recorded. According to sources, billet import offers have dropped by $7-8/t w-o-w to $525/t CFR Manila.
- Iranian billet export prices remain rangebound w-o-w: Iranian billet offer remained rangebound in the recent export tender concluded this week. As per sources, Iranian mill, Khouzestan Steel Complex (KSC), has concluded an export tender of 30,000 t of billets. The deal was heard concluded at $477-479/t FOB. The shipment of export tender is scheduled on early June delivery, sources informed BigMint.
- Vietnam’s billet export offers were recorded at the range of $515-520/t FOB this week.
- Thailand’s imported billet offers stood at the range of $530-535/t CFR Thailand this week.
- China’s steel billet prices remain stable: Billet prices in Tangshan remained at RMB 3,460/t ($478/t) on 30 April, 2024 ahead of holidays. Prices include 13% VAT. Notably, weak market sentiments and enough maintained stocks by steel mills amid holiday mood have put pressure on billet market. SHFE rebar futures (October, 2024 delivery) stood at RMB 3,656/t ($505/t) on 30 April.
