SE Asia: Billets import prices fall w-o-w as Chinese suppliers return to market

South-East Asia's imported billet market remained largely inactive this week, with Chinese offers floating in the market.

SteelMint's bi-weekly assessment for billet (150x150mm, 3SP) imported by the Philippines currently stands at around $492/tonne (t) CFR Manila, down by around $28/t, w-o-w.

Market highlights

• Vietnam's billet export offers inch down w-o-w: Vietnam's BF-grade billet export offers fell marginally by around $485/t FOB. A weak scrap market on the back of a decline in rebar consumption in the region weighed on billet export offers, SteelMint understands.
  
  
• Thai buyers receive Chinese billet offers: Thailand's billet market witnessed low buying amid bid-offer disparities. Imported billet offers from China stood at around $510/t CFR, as per sources. Thailand's steel billet imports decreased significantly by 48.11% m-o-m to 67,196 t in September from 129,506 t in August, as per customs data. Total imports decreased by 17% to 2.04 mnt in January-September as against 2.46 mnt in the year-ago period.
  
  
• Iranian billet export prices drop: An Iranian mill has concluded an export deal for 40,000 t of steel billets at $470/t FOB towards the beginning of this week and the shipment is scheduled for December. Prices decreased by around $10/t against the last-concluded tender in mid-October.
  
  

Outlook
Global ferrous scrap prices have witnessed a fall of around $5 w-o-w. That apart, subdued finished steel demand and China's return to the market are likely to keep global billet offers lower.