SE Asia: Imported billet prices decline w-o-w amid lower offers
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Imported billet prices in Southeast Asia recorded a significant drop this week owing to lower offers in the region. However, a slight recovery in China's billet prices was witnessed this week, influenced by futures market outlook. Additionally, few active export tenders have been floated in the middle east and in the Indian Ocean.
BigMint's bi-weekly assessment reported that billets (150x150mm, 3SP) imported by the Philippines were priced at range of $460-465/t CFR Manila, a sharp drop of around $17/t CFR w-o-w. Notably, offers are ranging at around $460-465/t CFR.
Market highlights
- Vietnam's billet export offers remain stable w-o-w: Vietnam's blast furnace (BF)-grade billet export offers remained stable w-o-w at $465/t FOB. However, an absence of billet tender was witnessed this week.
- Iranian billet market witnesses an active export tender: An Iranian steel mill have floated an export tender for 30,000 t of billets (150x150mm). The shipment is scheduled for end-September 2024. According to BigMint's assessment Iran's billet (3SP) export prices are in the range of $465/t FOB, recorded drop of $7/t FOB w-o-w.
- Indian billet export market awaits tender outcome: Indian billet export market is waiting for billet tender conclusion for price clarity. State-owned Vizag Steel (RINL) has floated two ocean sale export tenders - a 30,000 t bloom (150x150 mm, 3SP/4SP) and 20,000 t billets (90x90 mm, C20MMn Gr. A) on FOB ST. delivery basis. The due dates for bloom and billet tenders are 23 August and 27 August, 2024, respectively, with delivery scheduled for 7 October and 10 October, 2024.
- Chinese billet prices edge up w-o-w: Billet prices in Tangshan edged up by RMB 40/t ($6/t) w-o-w to RMB 2,900/t ($406/t) on 23 August. Volatility in raw material, finished steel prices and rebar futures kept supporting billet prices this week. Prices include 13% VAT. SHFE rebar futures (October, 2024 delivery) rose by RMB 76/t ($11/t) w-o-w to RMB 3,154/t ($442/t) on 23 August, 2024.
