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Global billet prices continue to rise

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BigMint Bureau

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27 Feb 2021, 15:10 IST

The global billet market witnessed numerous bookings this week. The bookings done were broadly for China and SE Asian destinations. The rising Chinese domestic billet prices attracted sizeable import bookings. According to the data maintained with SteelMint, India likely booked around 200,000 t billets for China during Feb '21. On the other hand, rising global scrap prices and increasing Chinese rebar futures supported the global billet price hike.

CIS: This week, billet export offers from the region saw a sharp rise of around $25-30/t and are currently at $580/t, FoB.

India: SteelMint's bi-weekly assessment for Indian billets (150*150mm, BF route, FoB east coast) is $535-540/t, up by $20 w-o-w.

It was the second consecutive week when Indian mills were active in the global billet market. Export prices saw a jump of around $15-20 in recent deals and tenders. Our sources confirmed that in the last five days over 100,000 t BF grade billets were booked for SE Asian and Chinese destinations in the price range of $530-540/t, FoB India.

Iran: SteelMint's bi-weekly assessment for Iranian billets is currently at $540-550/t, FoB, up by $15-20 w-o-w.

Iranian billet export prices witnessed a steep rise in a recent deal for China. According to SteelMint sources, around 50,000 t billets were booked for SE Asian and Chinese destinations in the price range of $540-550/t, FoB Iran.
Besides this, a billet tender of Iran's leading steel exporter- Khouzestan Steel Company (KSC) is under-progress. KSC has floated for 30,000 t billets (150*150mm, 3SP grade) for end-Mar'21 shipment.
Domestic billet demand continues to remain strong and stable- The domestic billet demand remained broadly stable this week. According to SteelMint sources, this week, around 96,000 t billets were traded against the offered quantity of 115,000 t at the Iranian Mercantile Exchange (IME). The base price was IRR 102,088/kg ($403/t), while the average traded price was 102,852/kg ($407/t).

SE Asia billet import offers rise further- This week, SteelMint assessment for billet imports in SE Asia is $570-580/t CFR, up by $10-15 w-o-w.

SE Asia's imported billet market witnessed sizeable bookings this week. With these deals, prices in the region witnessed an upward trend. The offers in the region touched $580/t, CFR levels. The bookings broadly were from Iran and India. However, the destination country could not be confirmed until the publishing time of this report.
Rising global scrap prices supported by climbing Chinese rebar futures and strong seasonal demand in China pulled up the global billet prices.
Thailand - This week, the imported billet offers in the country saw a rise of $10-15 and are currently seen at $570-575/t, CFR.
Vietnam- Thebillet export offers from Vietnam rose after a recent deal for China. The country reportedly booked around 20,000 t billets at $595-600/t, CFR for Apr '21 shipments. Currently, the BF route billets are offered at $590/t, FoB, while the IF route offers are $580/t, FoB Vietnam, up by $25-30 against last week.

Chinese domestic billet prices settled with a rise of RMB 140 ($22): This week, Chinese domestic billet prices settled with a rise of RMB 140/t ($22/t). Increasing rebar futures supported the event. The prices of commonly traded Q235 billet 150mm diameter were reported at RMB 4,280/t ($661/t) in Tangshan, including 13 % VAT.

Global billet market snapshot-