The global billet market sentiments improved this week with recovery in offers in a majority of the markets backed by rise in global ferrous scrap prices & rebound in Chinese steel prices.
- SE Asia billet import prices up – SteelMint’s bi-weekly assessment of BF-route billet (150x150mm, 3SP) imported by the Philippines currently stands at around $540/tonne (t) CFR Manila. Offers are at around $550/t CFR. However, bids continue to remain on the lower side and were heard at around $530/t CFR levels.
- Vietnam’s billet export offers up by $15: Vietnam’s BF-grade billet export offers stood at around $510/t FOB, up by $15 w-o-w. Imported scrap prices in Vietnam have seen a sharp recovery from Japan post Kanto Tetsugen tender, which have boosted billet prices.
- Indian billet export market inactive: Indian BF-grade billet export trade continued to remain inactive as buyers kept away. Steel mills in India are not ready to sell at lower rates as they are getting a better realisation in the domestic market. One offer was heard around $600/t FoB levels, but no deal was concluded due to bid-offer disparity.
- Iran billet export prices range-bound – Iran’s billet export market remained less active this week amid the Muharram holidays. Prices remained range-bound at $450-460/t FOB Iran. ESCO has floated a tender for 30,000t billet exports for mid-Oct shipment. The tender due date is on 15 August.
- China’s billet prices rise towards weekend: Steel billet prices in China’s Tangshan witnessed a rise of RMB 60/t ($9/t) w-o-w to RMB 3,770/t ($559/t), including 13% VAT, on 12 August, 2022. According to data maintained with SteelMint, China’s SHFE rebar futures contract for October 2022 delivery closed at RMB 4,150/t ($615/t) on 12 August, witnessing an increase of RMB 114/t ($17/t) w-o-w.
Leave a Reply