SE Asia: Imported billet prices drop by $10/t w-o-w in recent deals

South-East Asia's imported billet market witnessed a few trade activities this week. In a recent deal heard, nearly 50,000 t of billet deals were concluded at $590-595/t, CFR Manila, down by $10/t w-o-w.

Imported billet offers were heard at around $600-605/tonne (t) CFR. However, bids are yet to improve as these stand at around $590-595/t CFR.

"The market mood has changed very fast, especially after Turkiye's earthquake which has let many Middle East mills' offers to SE Asia at $595-600/t CFR," a source informed SteelMint.

SteelMint's bi-weekly assessment of BF-route billets (150x150mm, 3SP) imported by the Philippines currently stands at around $593/t CFR Manila, lower by $7/t w-o-w.

Market highlights

• Vietnam's billet export offers up w-o-w: Vietnam's BF-grade billet export offers increased by around $20/t as against last week following a hike in the country's imported scrap offers as market activities in Vietnam have improved after the prolonged Tet festival holidays. Steel producers and workers are returning to the production facilities after the holidays. Current offers are at around $630/t FOB. However, no active deals have been reported so far for current offers.
  
  
• Thailand's imported billet prices unchanged: Imported billet prices in the country are hovering at around $620-640/t CFR.
  
  
• Indian mills eye higher billet prices: A few Indian mills have become slightly active in the export market. As per market sources, Indian mills' expectations for recent billet export tenders are at around $610-620/t FOB. Meanwhile, State-owned Vizag Steel has floated an ocean sale export tender for 20,000 t of steel billets (90x90mm, C20MMn Gr. A). The due date for bid submission for the tender is 13 February 2023 and the delivery is scheduled for 25 March 2023.
  
  
• Iranian billet export prices stable w-o-w: Iran's billets export market remained silent this week with lesser number of firm offers in the market. No deals for exports were recorded by SteelMint so far. Preference to domestic sales, low buying interest from the key importing nations, limited trade, and the harsh winter in the region held back trade activities in the export market. However, the hike in scrap offers has kept prices supported. SteelMint's latest assessment of Iran's billets (3SP) export prices stood at around $540/t FOB on 7 February, lower by $5/t w-o-w. However, some sellers expect prices to soften by $5-10/t in the near term amidst lower bids.