Fallen Turkey's Scrap Softens Billet Import Offers in SE Asia

This week, SE Asia billet market was reported dim with little soften offers. The billet import offers in the region are USD 400-405/MT, CFR. However, the buying interest is at USD 390-395/MT, CFR. The falling Turkey's import scrap prices is the prime reason for the disparity in the offers and buying interest. Turkish imported scrap prices have fallen again after a couple of fresh deep-sea cargo bookings were signed at prices lower by a further USD 5-6/MT, SteelMint learned from market participants.

Billet export offers from CIS reported stable- This week billet export assessment from CIS nations stands at USD 355-360/MT, FoB Black Sea, identical as last week. The market sentiments were reported weak in the region.

As per SteelMint's methodology, an assessment of US-origin HMS 1&2 (80:20) scrap has now dropped to USD 228/MT, CFR Turkey, down USD 6/MT against last report earlier this week. While assessment of European origin HMS 1&2 (80:20) also stands stable at around USD 222-223/MT, CFR Turkey.