The global billet market sentiments remained supported this week amid rise in global ferrous scrap prices.
Market highlights
- Indian billet export market subdued: Indian billet export market remained subdued amidst bid-offer disparities in the global market and better realisations in the domestic market. As per sources, Indian mills were seen offering blast furnace (BF) route billets (150mm) at around $600/tonne (t) FOB but no deals were concluded.
- Iran’s billet export prices rebound in recent deals: Iran’s billet export market remained active this week with prices increasing in recently-concluded deals. Hike in Chinese steel prices and global scrap price recovery kept billet export prices supported, SteelMint understands. An Iranian mill concluded an export deal for 20,000 t of steel billets at around $465/t FOB, sources informed SteelMint. Prices corrected upwards by around $15/t as against the last-concluded tender at the beginning of August. In another deal, an Iranian mill sold 30,000 t of BF-route steel billets at $460-465/t FOB. Meanwhile, another 30,000-40,000 t slab export tender was concluded by a leading steel mill at around $440/t FOB Iran and the shipment is scheduled for mid-October. SteelMint’s latest assessment of Iran’s billet (3SP) export prices stood at around $460/t FOB on 19 August, a marginal decrease of just $1/t, w-o-w.
- SE Asia billet import prices down: SteelMint’s bi-weekly assessment of BF-route billets (150x150mm, 3SP) imported by the Philippines currently stands at around $535/t CFR Manila, down by around $5/t, w-o-w.
- China’s billet prices plummet towards weekend: Steel billet prices in China’s Tangshan fell by RMB 110/t ($16/t) w-o-w following a sharp decline in rebar futures. Prices stood at RMB 3,660/t ($537/t), including 13% VAT, on 19 August, 2022. According to data maintained with SteelMint, China’s SHFE rebar futures contract for October 2022 delivery closed at RMB 3,929/t ($576/t) on 19 August, a sharp fall of RMB 221/t ($32/t) w-o-w.
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