SE Asia: Imported billet market sluggish amid bid-offer disparity

South-East Asia's imported billet market remains largely inactive this week due to the gap between bids and offers, SteelMint notes.

SteelMint's biweekly assessment of BF-route billets (150x150mm, 3SP) imported by the Philippines currently stands at around $550/tonne (t) CFR Manila, a marginal increase of around $13/t, w-o-w.

Meanwhile, billet offers from Dexin were heard at around $525/t FOB. However, bids are yet to improve as two parcels of 30,000 t and 50,000 t of steel billets were recently exported by Dexin Steel to Europe and East Africa at around $515-518/t on FOB basis, sources informed SteelMint.

Market highlights

• Vietnam's billet export offers unchanged: Vietnam's BF-grade billet export offers stood stable w-o-w at around $530/t FOB. According to market sources, demand for semi-finished steel was subdued in the region. However, increased scrap prices have supported billet offers.
  
  
• Thailand's imported billet offers up: Indicative imported billet offers into the country are hovering at around $540/t CFR. However, bids continue to remain on the lower side and were heard at around $520/t CFR levels.
  
  
• Iranian mills await tender outcome for semis exports: The Iranian steel billet and slab export markets have remained inactive, awaiting the outcome of tenders floated recently, SteelMint notes. Chadormalu floated an export tender for 30,000 t of steel billets with the due date being 6 September. The tender was heard to have been cancelled with bids being received at around $450/t FOB. Meanwhile, Khouzestan Steel Company (KSC) floated export tenders for 40,000 t each of steel billets and slabs. The shipments are likely to be scheduled for October. SteelMint's latest assessment of Iran's billet (3SP) export prices stood at around $458/t FOB on 9 September, stable, w-o-w.