Falling scrap Prices Weigh On Global Billet Offers

This week, SE Asia Billet market was reported with weak sentiments and stable offers against last week. SE Asia's current billet import indication is at around USD 405-410/MT, CFR levels, identical as last week. Price war in the region is weakening the sentiments in the region which is being supported by falling Turkey's imported scrap. Turkish imported scrap prices have moved down sharply again this week after yesterday's deep-sea cargo bookings were confirmed at prices USD 6-7/MT lower than the previous bookings, 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.

Vietnam billet offers - This week Vietnam's domestic billet offers are at USD 420-425/MT, identical as last week. Amid lower prices in exports, mills were heard preferring selling billets in domestic market.

As per SteelMint's methodology, an assessment of US-origin HMS 1&2 (80:20) scrap has moved down to USD 234/MT, CFR Turkey. Prices have moved down by around USD 10 /MT against last week's report, while in comparison to the last booking during the closing of last week, the price drop is around USD 6-7/MT. While assessment of European origin HMS 1&2 (80:20) currently stands at around USD 228-229/MT, CFR Turkey.