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SE Asia: Billet import offers soften w-o-w on bid-offer disparity

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BigMint Bureau

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25 Jan 2024, 18:26 IST

SE Asia: Billet import offers soften w-o-w on bid-offer disparity

Billet importers opting to wait-and-watch

Demand uncertainty weighs on semis trade volumes

The imported billet offers in Southeast Asia declined this week, as billet importers from the global market have opted wait-and-watch mode due to weak sentiment of finished products. The trade volumes got impacted amid fluctuating demand of finished products in the region.

The offers for the 5 SP grade imported billet were reduced by $5/tonnes (t) to stand at $545-555/t CFR Manila w-o-w. However, the bids for 5 SP were remained stable w-o-w, standing at around $540/t CFR on 25 January.

However, Chinese billet prices inched up by RMB 80/t ($11/t) w-o-w to RMB 3,650/t ($515/t) on 25 January. Hike in finished steel prices and rebar futures has supported billet prices. Billet players are actively restocking the materials amid upcoming Lunar holidays. Meanwhile, Chinese SHFE rebar futures increases by RMB 54/t (8/t) w-o-w to RMB 3,967/t ($560/t) today.

Market highlights:

Iranian billet export prices inched up in recent trade: Iran's billet export prices have strengthened amid ongoing gas shortage in the domestic market and recently Iranian currency devalued by 10%, raising demand of raw material. An Iranian mill has concluded an export tender for 35,000 t of billets. The deal was concluded at around $490-495/t FOB. Prices increased by around $5-10/t w-o-w. BigMint's latest assessment indicates that Iran's billet (3SP) export prices slightly up this week to stand at around $490-495/t FOB on 25 January, 2024.

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

Indonesian steelmaker Dexin Steel is offering $530/t FOB, as per sources, they have booked 50,000 t of billet at $528/t FOB this week.

Vietnam's export offers shows positive sentiment: Vietnam's BF-grade billet export offers stood at $550/t FOB. In the domestic market, the trades of around 50,000 t have been concluded at $540/t exw levels.