SE Asia: Imported billet market silent, limited deals reported

The imported billet market in South East Asia remained relatively quiet this week, with limited deals. Current offers stand at $660-670/tonne (t) CFR Manila levels. However, the market seems to be silent as buyers' interest has been affected owing to extended lockdowns on rising Covid cases and prevailing holidays in Vietnam.

Market highlights

• Vietnam's billet export offers stable: Vietnam's mills kept their billet export offers unchanged this week. BF-route billet export offers were heard at around $630/t FoB Vietnam. As per sources, no deals were heard to be concluded in the week due to prevailing holidays.
  
  
• Thailand's imported billet offers unmoved: Indicative imported billet offers into Thailand are hovering at around $650-660/t CFR from various origins, with no change w-o-w.
  
  
• Indian billet export market awaits the outcome of fresh tenders: PSU steel major Steel Authority of India (SAIL) has floated export tenders for 16,200 t of concast billets (4SP/5SP, 125mm) from Durgapur Steel Plant in West Bengal, as per latest reports. The cargo is scheduled for end-Oct'21 shipment with the tender due on 7 Sept. Vizag Steel, a state-owned steel company, has floated a spot sale export tender for 30,000 t of steel blooms (150x150mm, 3SP/4SP grade). The tender was floated against 100% advance payment terms with due date being 2 Sept'21. The shipment will be delivered within 45 days of the export agreement. The buyer, however, is required to quote for the entire quantity. SteelMint's bi-weekly assessment of Indian billets (150mm, 3SP/4SP) exports stood at $600/t FoB on 03 Sept'21.
  
  

• Iran's billet export trade improves: Iran, one of the leading billet exporters, gradually resumed export bookings of billets after a gap of almost one month. It may be recalled that mills, plagued by limited allocations due to power outages, had almost fallen silent in terms of export offers. According to credible sources, an Iranian mill has concluded an export tender for 20,000 t of steel billets. The tender was concluded at around $620-625/t FoB Iran and the shipment is scheduled for Oct'21, sources confirmed.