SE Asia: Imported billet prices continue to decline w-o-w on absence of trades
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The Southeast Asian imported billet market continued to remain silent this week. Billet prices have been declining on lower buying interest from the market participants. Notably, billet importers have witnessed weak sentiment of steel market pressurising semi-finished demand in the global market. In addition, bid-offer disparities were noted this week in the global market.
According to BigMint's bi-weekly assessment, billet import prices dipped by $10/tonne (t) w-o-w to $515/t CFR Manila on 22 March 2024.
However, Chinese billet prices rose by RMB 100/t ($14/t) w-o-w to RMB 3,410/t ($472/t) on 22 March against 15 March. Volatility in finished steel prices and rebar futures have supported billet prices. Meanwhile, Chinese SHFE rebar futures edged up by RMB 122/t ($17/t) w-o-w to RMB 3,612/t ($500/t) today against 15 March.
Market highlights:
- Thailand's imported billet offers fall w-o-w: Thailand's imported billet offers stood at $510-520/t CFR Thailand, drop of around $15-20/t w-o-w.
- Indonesian billet offers inch down w-o-w: Indonesian steelmaker Dexin Steel have dropped its billet (3 SP) offers by $15/t w-o-w, stood at around $500/t FOB, as per sources.
- Vietnam's billet export offers remain unchanged w-o-w: Vietnam's billet export offers remained stable at the range of $505-510/t FOB this week. In the domestic market, billet prices have been recorded at around $485/t exw, sources informed.
