SE Asia: Imported billet offers remain range-bound in absence of trade

South East Asia's imported billet offers remained range-bound w-o-w. Currently, billet players are inactive and limited offers in the region have restricted billet price movements this week, SteelMint observed.

Billet import offers for 5 SP grade were heard at around $535/tonne (t) CFR Manila, remaining range-bound w-o-w.

Meanwhile, Turkiye's imported scrap prices have decreased this week. According to SteelMint, HMS 1&2 (80:20) prices from the US stood at $425/tonne (t) CFR, a fall of $3/t w-o-w. Imported scrap prices in Turkiye continued to drop as some mills have already secured cargoes for the month of January. Gradual scrap flow and weak appetite suggest minimal price movement this week, with uncertainty about Turkish buyers returning to support higher prices.

Chinese billet prices fell by RMB 80/t ($11/t) to RMB 3,630/t ($511/t) on 15 December against 8 December levels. Subdued rebar futures, fall in finished steel prices and weak demand due to the winter season weighed on billet prices. Chinese SHFE rebar futures dropped by RMB 127/t (18/t) w-o-w to RMB 3,915/t ($551/t) today.

Market highlights:

• Vietnam's export offers inch up w-o-w: Vietnam's BF-grade billet export offers inched up by $10-15/t w-o-w to $525-530/t FOB.
  
  
• Iranian billet export offers may rise post recent deal conclusion: Iranian billet export prices are on the rise, reflecting an upward trend in the market. A recently-concluded export tender and concerns about gas supply shortages in the domestic market until the end of winter are contributing to this trend. Iranian steel producers are facing challenges in maintaining operations, leading to reduced production. Sources indicate that Chadormalu Mining and Industrial Company, an Iranian mill, concluded a 30,000-tonne billet export tender at $480/t FOB this week. Other mills anticipate export prices to rise to the range of $490-495/t FOB.