Global Billet Market Overview: Week 49, 2019
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Global billet market was reported trade active for the fourth consecutive week. Except Iran, all major billet markets were reported traded functioning and with further strengthened sentiments.
Imported scrap prices to Turkey surged up sharply by USD 10/MT, with the recent deep-sea cargo booking concluded yesterday from Baltic origin. It is expected that offers may increase further in the coming days on supply tightness from yards amid winters.
Iran- After witnessing some trade functional weeks, the Iranian billet export market remained reticent this week. The prime reason for this reticent week was overbooking of the mills, SteelMint learnt from market sources. If sources to be believed, all major Iranian mills are booked till Jan'20. However, no fluctuation in the offers was witnessed this week. Although, during discussion with SteelMint, official of one of the leading exporters of the country revealed that, they will be floating a billet export tender by next week. However, the official did not confirmed the export quantity till the publish of this report.
CIS - This week, billet export offers from CIS nations gone up in a recent deal to Philippines, and are standing at USD 395-400/MT, FoB Black Sea, up USD 10-15/MT, against last week.
SE Asia - This week, SE Asia's billet import market was reported trade functional for the second successive week. The region is reported to book around 100,000 MT billets from CIS. According to SteelMint sources, the shipment is booked to Philippines and the deal value is reported to be around USD 435-440/MT, CFR. With this deal, the billet import offers in region have registered a sharp move. An increase in global scrap prices has supported the price hike.
India - One of the Indian government enterprises is reported to have concluded 40,000 MT Billet (150*150mm) export tender at USD 406-409/t, FoB India.
China- Chinese domestic billet market was settled at RMB 3,460/MT, up RMB 10/MT against last week. The market sentiments in the country were reported stable.
Billet offers from/in all the major markets have moved up amid sharp rise in Turkey's imported scrap prices. SteelMint's assessment for US origin HMS (80:20) has climbed to USD 282/MT, CFR Turkey, up by USD 10/MT against the closing of last week, while the assessment from Europe currently stands at USD 277/MT CFR.
