SE Asia: Billet import prices inch down w-o-w on lower buying interest

The Southeast Asian imported billet market remained lacklustre this week. Whereas, billet importers are exhibiting minimal interest, which have contributed to lower billet prices. In addition, absence of fresh export tenders were witnessed this week.

According to BigMint's bi-weekly assessment, billet import prices dipped by $3/tonnes (t) w-o-w to $535/t CFR Manila on 8 March 2024.

Additionally, Thailand's imported billet offers stood at $535/t CFR Thailand, a drop of $2-3/t w-o-w.

Chinese billet prices fell by RMB 60/t ($8/t) w-o-w to RMB 3,460/t ($481/t) on 8 March against 1 March. Uncertainty in finished steel prices and rebar futures have weighed on billet prices. Meanwhile, Chinese SHFE rebar futures edged down by RMB 72/t ($10/t) w-o-w to RMB 3,691/t ($514/t) today against 1 March.

Meanwhile, imported scrap prices in Turkiye fell sharply this week due to downward trends in supplier markets, contributing to surge in billet prices. Weak expectations for domestic settlements in the US and ongoing declines in European collection costs intensified the bearish sentiment, followed by uncertainty over the short term. According to BigMint, HMS 1&2 (80:20) prices from the US stood at $374/t CFR on 8 March,2024, recording a significant drop of $21/t w-o-w.