SE Asia: Imported billet prices range-bound amid weaker market sentiment

The Southeast Asian imported billets trade activities remained subdued this week. As per sources, billet exporters were inactive as absence of trade activities has been witnessed.

According to sources, billet import offers remained at the similar levels w-o-w at $525/tonnes (t) CFR Manila. However, no major deals were recorded this week.

In addition, Japan billet offers of EAF route stood at $520/t CFR Manila, as per sources.

Meanwhile, Turkiye's imported scrap prices remained range-bound as mills are steadily restocking the same at stable prices. Negotiations in the ferrous scrap market mid-week indicated that most importers are delaying new deals due to weak demand for finished steel. Turkish mills booked 5-6 cargoes in the last week of May majorly from Europe, at comparatively range-bound prices of $372-375/t CFR.

Market highlights:

• Vietnam's billet export offers of BF mills were recorded at same levels of around $500-505/t FOB Vietnam this week.
  
  
• Thailand's imported billet offers dropped by $5/t w-o-w to $520-525/t CFR this week.
  
  
• Indonesian billet market witnesses trading activity: Indonesian steelmaker, Dexin Steel, have booked 20,000 t billets at $495 FOB Indonesia, as per sources.
  
  
• China's steel billet prices inch down w-o-w: Billet prices in Tangshan inched down by RMB 50/t ($7/t) w-o-w to RMB 3,510/t ($494/t) on 31 May, 2024 against 24 May. Decline in raw material prices, finished steel prices, and rebar futures have put pressure on billet prices. Prices include 13% VAT. SHFE rebar futures (October, 2024 delivery) decreased by RMB 82/t ($11/t) w-o-w to RMB 3,706/t ($522/t) on 31 May, 2024.