SE Asia: Billet import prices remain stable on fewer trades

The Southeast Asian imported billet market stayed supported this week. Billet import prices have not shown any improvement, as there was hope that post-CNY holidays market will resume, but market sentiments are still in vain. As sources informed, a cargo was booked at the same level i.e. $540/tonnes (t) CFR Manila. However, bids were heard at the range of around $535-540/t CFR Manila.

According to BigMint's bi-weekly assessment, billet import prices remained stable w-o-w at $540/t CFR Manila.

Notably, post-CNY holidays, Chinese billet prices declined by RMB 80/t ($11/t) to stand at RMB 3,550/t ($493/t) on 23 February against 19 February. Lower trades resulting in higher inventories, volatility in finished steel prices and rebar futures have weighed on billet prices. Meanwhile, Chinese SHFE rebar futures decreased by RMB 18/t ($2/t) to RMB 3,790/t ($526/t) today against 19 February.

Meanwhile, imported scrap prices in Turkiye have declined this week. According to BigMint, HMS 1&2 (80:20) prices from the US stood at $411/t CFR, inched down by $5/t w-o-w.

Market highlights:

• Thailand's imported billet offers remained at $550/t CFR Thailand.
  
  
• Indonesian steelmaker Dexin Steel has reduced its offer at around $520/t FOB, as per sources.
  
  
• Vietnam's billet export offers stood at $535/t FOB, witnessing a decrease against last week. Meanwhile, domestic prices for BF and IF route were heard at around $530/t exw and $525/t exw respectively.
  
  
• Indian billet export price indication is around $515/t FOB as mills seem to be eyeing higher offers due to lower supplies globally, as per sources informed. In addition, State-owned Vizag Steel (RINL) has floated an ocean sale export tender for 30,000 t of steel blooms (150x150mm, 3SP/4SP) on FOB ST delivery against 100% advance payment terms. The last date for bid submission is 27 February, 2024 and the delivery is scheduled for 10 April, 2024.