SE Asia: Imported billet offers rise amidst positive global sentiments

South East Asia's imported billet prices remained rangebound this week. SteelMint's bi-weekly assessment of blast furnace (BF)-route billets (150x150mm, 3SP) imported by the Philippines stands rangebound at around $520/t CFR Manila.

According to data maintained with SteelMint, rebar futures for October 2023 contract on the Shanghai Futures Exchange (SHFE) stood at RMB 3,711/tonne (t) ($521/t) on 9 June, an increase of RMB 115/t ($16/t) w-o-w.

Meanwhile, Turkiye's imported scrap prices rose by $7/t w-o-w. Recovery in global scrap prices might provide some support to billet prices in the near term.

Market highlights

• Vietnam's billet export offers surge: Vietnam's BF-grade billet export offers surged by $45/t w-o-w to $515/t FOB.
  
  
• Thailand's imported billet prices rise by $15-20: Imported billet prices into Thailand hike by $15-20/t w-o-w at stand at $535-540/t CFR.
  
  
• Chinese billet prices accural: Billet prices in China's Tangshan surged by RMB 180/t ($25) w-o-w to RMB 3,540/t ($496/t), including 13% VAT on 9 June. The rise in finished steel prices and rebar futures has kept billet prices supported.