SE Asia: Billet import offers witness further rise

This week, the SE Asian billet import offers witness further rise on continuous rising global scrap prices. Turkish imported scrap prices continued to climb further. Since, past one week, the prices have risen by $15.

SteelMint's assessment for USA origin HMS 1&2 (80:20) stands at $350/t CFR Turkey, up by $15/t w-o-w. Prices are hovering at 2.5 years high. Similar levels were seen in Apr'18.

However, the SE Asian billet import market remained broadly silent on the high bid-offer spread. The offers have touched $495/t, CFR levels, while bids have seen at $475-480/t, CFR levels.

Deals & offers-

CIS- This week, the offers from the region noted having witnessed a sharp rise of $10-15/t. SteelMint's assessment currently stands at $460-470-/t, FoB Black Sea

India- Indian mills continue to pose limited interest in the exports amid better domestic realizations. However, a soaring offer from a primary private mill heard floating at $500/t, CFR for a SE Asian destination. Otherwise as well Indian mills are targeting higher prices considering an upward price spike in the global market.

Iran- The export offers from the country witnessed a further rise of $5-10. A few mills have floated the tender, and few are likely to float in the coming Iranian week (Saturday-Thursday). The mills are targeting higher price levels in the upcoming tenders, on continuous rising global scrap prices and Chinese rebar futures. SteelMint assessed Iranian billet export prices to be at $435-445/t.

Vietnam- The BF billet export offers from the country are seen stable at $490/t, FoB Vietnam levels, unchanged against last week.

Thailand- Billet import offers in the country seen hovering at $485-495/t, CFR, up by $5-10/t w-o-w.

This week, SteelMint assessment for billet import offers in SE Asia is at $480-490/t, up by $5-10 against last week.