SE Asia: Imported billet market slows down

South East Asia's imported billet market is slowing due to sluggish movement in the finished long steel segment.

China's SHFE rebar futures for October 2023 contract stood at RMB 3,645/t ($519/t) on 19 May, rising by RMB 66/t ($9/t) week-on-week (w-o-w).

SteelMint's bi-weekly assessment of BF-route billets (150x150mm, 3SP) imported by the Philippines currently stands at around $520/t CFR Manila, stable w-o-w.

Market highlights

• Vietnam's billet export offers rangebound: Vietnam's BF-grade billet export offers remained range-bound at around $490/t FOB.
  
  
• Thailand's imported billet prices inch down: Imported billet prices into Thailand inched down by around $5-10/t w-o-w to $530-535/t CFR.
  
  
• Iran's billet export prices rebound: Iran's steel billet export prices recovered this week with recent export tenders fetching active responses and high bids. Major steelmakers including Khorasan and Esfahan Steel Company (ESCO) concluded their export tenders each of 30,000 t of billets at $480/t FOB. This pushed Iran's billet (3SP) export prices up by $15/t compared to last week, SteelMint's assessment showed.