SE Asia: Imported billet prices drop $10/t w-o-w amid lacklustre demand

• No billet trades recorded this week
  
  
• Chinese billet prices up $7/t w-o-w
  
  

Imported billet prices in Southeast Asia softened this week, driven by sluggish trading activity in the wake of subdued demand in the finished steel sector. No billet trades were recorded, as market participants remained cautious.

BigMint's weekly assessment of billets (150 x 150 mm, 3SP) imported by the Philippines dropped by $10/tonne (t) w-o-w to $465/t CFR Manila on 29 November, 2024. As per sources, offers stood at $470/t, and bids were at $460/t, both CFR Manila.

Market highlights

• Vietnam's export offers remain stable w-o-w: Vietnam's blast furnace (BF) grade billet export offers stood at $465/t FOB on 29 November, unchanged w-o-w. No export deals were noted this week. Demand remained sluggish as buyers adopted a cautious approach, influenced by the ongoing gap between bid and offer prices. Weak market sentiment is further exacerbated by slow government investment disbursements and delays in project approvals, which have contributed to a continued dampening of buying activity.
  
  
• Chinese billet prices rise RMB 50/t ($7/t) w-o-w: Billet prices in China's Tangshan rose by RMB 50/t ($7/t) w-o-w to RMB 3,110/t ($429/t), including 13% VAT, on 29 November. Positive market sentiments from raw material prices, rising rebar futures along with improvement in trades have supported the billet prices. Meanwhile, SHFE rebar futures (January, 2025 delivery) increased by RMB 41/t ($6/t) w-o-w to RMB 3,318/t ($458/t) on 29 November, 2024.