Global Billet Market Overview: Week 33, 2019
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This week global billet market remained sluggish. Eid Festivity was seen standing robust against the billet trades. Also, the drizzling weather conditions in SE Asian countries have put up all the efforts to keep the market reticence. The market is under pressure from trade war between China and the US.
Iran Billet Export Market Remains Silent Amid Eid Holidays- This week, Iranian billet export market was reported hushed. No deals were witnessed and mills are in no rush to conclude October deals. Also, country's billet export offers are standing still at USD 385-390/MT, FoB identical as last week. The prime reason for the market reticence is Eid Festivity.
Although, towards end of the last week, Khouzestan Steel Company (KSC), one of the leading exporters of the country concluded a billet export tender of quantity 40,000 MT of size 150*150 mm and 130*130 mm for early Oct'19 shipment. As per market sources, the deal value was reported to be USD 387/MT, FoB Iran.
Billet export offers from CIS witness a drop- This week billet export assessment from CIS nations stands at USD 405-410/MT, FoB Black Sea, down USD 5/MT against last week. The market sentiments were reported weak in the region.
South East Asia: The SE Asian billet import market reported sluggish this week. No deals were reported this week. The Prime reason for the market reticence is drizzling weather conditions in the region. However, no drop in the offers was witnessed. This week South East Asia's billet import assessment stands still at USD 440-445/MT, CFR, identical as last week.
Vietnam billet offers inch down- This week Vietnam's billet offers are at USD 450/MT, CFR Manila, down USD 2/MT against last week. The trade sentiments were reported weak in the region.
China domestic billet prices fall by RMB 30/MT: This week Chinese domestic billet prices in Tangshan settled at RMB 3,470/MT, down RMB 30 against last week's close. This week, billet trade sentiments in China were reported weak.
All that remains is Turkey imported scrap prices, which has also kept the market dim-witted this week. SteelMint learned from industry participants that Turkish imported scrap market witnessed limited trades, reason being the same; Eid festivity. SteelMint's assessment of US-origin HMS 1&2 (80:20) scrap inched down to USD 285/MT, CFR Turkey against the last week report of USD 288-289/MT, CFR. While assessment of European origin HMS 1&2 (80:20) stands at USD 278-280/MT, CFR Turkey.
