SE Asia: Imported billet prices decline amid weak market sentiments
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- Market wary amid Chinese stimulus speculation, US election
- Iran sees nil export tenders, Chinese prices drop
The imported billet market in Southeast Asia remained silent this week due to lack of tenders and weak market sentiment. Notably, participants were in a wait-and-watch mode, owing to uncertainty in the Chinese market due to the latest stimulus measures and US election results.
BigMint's bi-weekly assessment of billets (150 x 150 mm, 3SP) imported by the Philippines dropped by $2/tonne (t) to $495/t CFR Manila on 8 November against 2 November. Billet import offers stood at $495/t CFR Manila.
Market highlights
- Vietnam's blast furnace (BF) grade billet export offers stood at $465/t FOB on 8 November.
- Iranian billet market observe nil export tenders: The Iranian billet export market remained silent. No export tenders were floated this week. Iranian billet prices up by $5/t to $465/t on 8 November against 2 November.
- Chinese billet prices drop by RMB 50/t ($7/t): Billet prices in Tangshan dropped by RMB 50/t ($7/t) to RMB 3,120/t ($435/t) on 8 November against 30 October. Prices include 13% VAT. Weak demand led to a decline in rebar futures, putting downward pressure on billet prices. However, the government's support policies are also under uncertainty. Meanwhile, SHFE rebar futures (January 2025 delivery) decreased by RMB 26/t ($4/t) to RMB 3,367/t ($470/t) on 8 November against 1 November.
