SE Asia: Imported billet prices remain largely stable amid weak market sentiment
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South East Asia's imported billet prices stayed supported due to lack of tender in the region. Meanwhile, market participants have adopted a wait-and-watch strategy due to price clarity expectation amid weak steel market sentiment.
In addition, billet (150x150mm, 5SP) offers are at the range of $495-500/t CFR Manila and bids are around $490/t CFR Manila. According to BigMint's bi-weekly assessment, billet (150x150mm, 3SP) imported by the Philippines currently stands at $494/t CFR Manila, drop of $3/t as compared to the last assessment on 5 July.
Market highlights
- Vietnam's billet export offers unchanged w-o-w: Vietnam's BF-grade billet export offers remained unchanged w-o-w at $490/t FOB. As per sources, domestic market is witnessing weak demand.
- Iranian billet export remains stable w-o-w: Iran's billet export market continued to remain muted this week amid absence of export tender. As per sources, billet offers are at $480/t FOB. According to BigMint's bi-weekly assessment, Iranian billet export prices assessed at $478/t FOB, stable w-o-w.
- China's steel billet prices decrease w-o-w: Billet prices in Tangshan dropped by RMB 20/t ($3/t) w-o-w to RMB 3,290/t ($454/t) on 12 July, 2024. Volatility in raw materials, finished steel prices, rebar futures throughout the week weighed on billet prices. Prices include 13% VAT. SHFE rebar futures (October, 2024 delivery) decreased by RMB 30/t ($4/t) w-o-w to RMB 3,523/t ($485/t) on 12 July, 2024.
