SE Asia: Billet import prices inch down on subdued buying interest, lower scrap prices

The Southeast Asian imported billet market remained dull this week. Billet import prices softened on lacklustre interest from buyers. Moreover, no fresh export tenders were floated this week. Sources informed, only one recent deal was concluded at $535/tonne (t) CFR Manila levels.

According to BigMint's bi-weekly assessment, billet import prices fell by $2/t w-o-w to $538/t CFR Manila on 1 March 2024.

Notably, post-CNY holidays, Chinese billet prices inched down by RMB 30/t ($4/t) to stand at RMB 3,520/t ($489/t) on 1 March against 23 February. Volatility in finished steel prices and rebar futures have weighed on billet prices. Meanwhile, Chinese SHFE rebar futures decreased by RMB 7/t ($1/t) to RMB 3,763/t ($523/t) today against 23 February.

Meanwhile, imported scrap prices in Turkiye dropped this week, further helping to drag down billet prices. According to BigMint, HMS 1&2 (80:20) prices from the US stood at $395/t CFR, down by $16/t w-o-w.

Market highlights:

• Thailand's imported billet offers stood at $535-540/t CFR Thailand, a drop of $12-13/t w-o-w.
  
  
• Indonesian steelmaker Dexin Steel has kept its billet (3 SP) offer unchanged at around $520/t FOB, as per sources.
  
  
• Vietnam's billet export prices stood at $525-530/t FOB, recording a fall of around $5-10/t against last week. As per sources, export trade activities have weakened, whereas, in the domestic market few trades are happening.