SE Asia: Imported billet offers inch up, bids yet to improve

Southeast Asia's billet import market shows positive sentiments on rising production costs. Bid-offer disparities have led to the absence of tender conclusion in the region. Billet import offers for 5 SP grade were heard at $525/tonnes (t) CFR Manila, inch up $5/t w-o-w.

Meanwhile, Chinese billet prices rose by RMB 90/t ($12/t) to RMB 3,630/t ($498/t) on 10 November against 3 November. Rise in rebar futures and finished steel prices supported billet prices. Chinese SHFE rebar futures rose by RMB 74/t (10/t) w-o-w at RMB 3,879/t ($532/t) today.

Hike in imported scrap prices have boosted global billet offers. Turkiye's imported scrap prices have risen this week. According to SteelMint, HMS 1&2 (80:20) prices from the US stood at $377/t CFR, increasing $7/t w-o-w.

Market highlights:

• Thailand's imported billet offers remain stable: Imported billet offers from the ASEAN region into Thailand were recorded at $515/t CFR.
  
  
• Iranian billet export prices remain stable: Iran's billet export market remained subdued this week. As per SteelMint's latest assessment of Iran's billet (3SP) export prices remained stable at $470/t FOB on 9 November. Meanwhile, Khouzestan Steel Company (KSC) had floated an export tender of 30,000 t for billets and slabs each last week. The tender is yet to conclude and market participants are awaiting the result to get more clarity. Esfahan Steel Company (ESCO) sold 30,000 t of billet at $470/t FOB. The shipment for the tender is scheduled for end-December, as per sources informed.