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SE Asia: Billet import market remains silent on less trade activities

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BigMint Bureau

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9 Feb 2024, 19:17 IST

SE Asia: Billet import market remains silent on less trade activities

Market inactive amid Lunar New Year holidays

Low buying interest weakens trade volumes

The Southeast Asian imported billet market remained inactive this week, with no offers due to ongoing the Lunar New Year holidays and a subdued sentiment in the long sector. Globally, there has been subdued buying interest, leading to reduced offers and billet buyers adopting a wait-and-watch approach.

According to BigMint's bi-weekly assessment, billet import prices remained stable w-o-w at $545/tonne (t) CFR Manila.

Chinese billet prices remained unchanged w-o-w at RMB 3,550/t ($499/t) on 9 February. Stability in finished steel prices and weak market sentiment during the Lunar New Year holidays have contributed to unchanged billet prices. However, Chinese SHFE rebar futures increased by RMB 29/t ($4/t) w-o-w to RMB 3,854/t ($541/t) today.

Meanwhile, imported scrap prices in Turkiye have marginally decreased this week. According to BigMint, HMS 1&2 (80:20) prices from the US stood at $419/t CFR, marking a slight decrease of $3/t w-o-w.

Market highlights:

Thailand's imported billet offers remain range-bound: Imported billet offers from the ASEAN region into Thailand remained range-bound at $545-550/t CFR Thailand.