SE Asia: Imported billet market silent, participants yet to return from holidays

South East Asia's imported billet market continued to remain quiet on low buying interest post-New Year as market participants are yet to return from holidays. Also, sluggish finished steel demand in the region and the slow Chinese market weighed on the import market, SteelMint notes.

However, prices for imported billet remained supported this week. SteelMint's bi-weekly assessment of billet (150x150mm, 3SP) imported by the Philippines currently stands at around $570/tonne (t) CFR Manila, up marginally by around $4/t, w-o-w.

Market highlights

• Vietnam's billet export offers inch up w-o-w: Vietnam's BF-grade billet export offers increased marginally by around $5/t as against last week followed by a hike in the country's scrap offers. Current offers are at around $565/t FOB. However, no active deals have been reported so far on current offers.
  
  
• Indian mills eye higher billet prices: A few Indian mills have become active in the export market. As per market sources, Indian mills' expectations for recent billet export tenders are at around $530-550/t FOB.
  
  
• Iranian billet export market less active: Iran's billet export market remained less active this week amidst news of gas restrictions imposed on a few mills. No firm deals for exports have been recorded so far amidst limited offers. However, the hike in scrap offers has kept prices supported, SteelMint notes. The latest assessment of Iran's billet (3SP) export prices stood at around $500/t FOB on 6 January, up by around $25/t, w-o-w.