SE Asia: Billet import offers witness sharp rise

This week, SE Asian billet import market reported silent amid increased offers. The import offers in the region have pulled by the global scrap prices and SHFE rebar futures. Since last week, the global scrap prices have registered a rise of $5-8 w-o-w. On the other hand, SHFE rebar futures posted an increase of RMB 26 (~$4). With these events, the imported billet offers in the SE Asian region have seen in the range of $455/t, CFR, up by $10 against last week. However, the bids have not increased in parallel with the offers, which resulted in conceiving disparity.

Deals & offers-

CIS- This week, billet export offers from the region remained stable at $405/t, FoB Black Sea.

India- This week, Indian billet export offers witnessed a marginal rise after a state-owned mill booked over 50,000 t blooms (30,000 t: 150*150mm and 20,000 t: 200*200 mm) at $420-422/t, FoB for end Nov'20. SteelMint's credible sources opined that shipment is likely to be scheduled for a SE Asian nation. However, we could not confirm the destination until the publishing time of this report.

Iran- It was the second consecutive week when offers from the country remained stable at $410-415/t, FoB Iran. However, to maintain the supply parity in the domestic market, the majority of the mills did not offer in the export market.

Vietnam- The export offerings from the country remained stable for this week. The offers for the BF route billets were $450/t, FoB, while the same for the IF route have seen at $445/t, FoB.

Thailand- Billet import offers in the country saw a sharp rise and were noted to be at $455/t, CFR, up by $10 against last week.

This week, SteelMint assessment for billet import offers in SE Asia is at $450-455/t, CFR, up by $5-8 against last week.