SE Asia: Billet import prices remain supported but trade subdued
South East Asia’s imported billet prices remained supported this week. However, not many deals were recorded. SteelMint’s bi-weekly assessment of imported bil...
South East Asia's imported billet prices remained supported this week. However, not many deals were recorded. SteelMint's bi-weekly assessment of imported billet offers from South East Asia currently stood unchanged at $695-700/tonne (t) CFR Manila. However, the markets turned quiet with sharp volatility in Chinese SHFE re-bar futures witnessed this week.
Market highlights
- Vietnam's billet export offers up: BF-route billet offers from the country inched up by $12/t on a w-o-w basis. According to SteelMint sources, BF-route offers are at $675/t, FOB and no deals were heard to be concluded this week.
- Thailand's imported billet offers unmoved: Indicative imported billet offers into the country are hovering in the range of $710-720/t CFR from various origins, with no change, w-o-w.
- Indian billet export market awaits the outcome of fresh tenders: State-owned Vizag Steel has floated a spot sale export tender for 30,000 t of steel blooms (150x150mm, 3SP/4SP grade). The tender was floated against an irrevocable letter of credit, as per RINL format, to be established within five banking day's payment terms with the due date being 16 Sep'21. The shipment is scheduled within 45 days from the export agreement. Also, Vizag Steel has floated an ocean sale export tender for 20,000 t of billets (90x90mm, C20MMn Gr. A). The tender is due on 20 Sept'21. Delivery is scheduled for 20 Oct'21. Buyers have to quote a minimum of 10,000 t for billets.
- Iran's billet and slab export deals gain momentum: Iran, one of the leading billet exporters, gained momentum this week after remaining less active for the past few weeks due to power outages. An Iranian mill reportedly sold 25,000 t of steel billets through an export tender yesterday, as per SteelMint reports. According to sources, the mill concluded the tender at $650/t FOB Iran. The shipment is likely to be scheduled for Oct-Nov'21.