SE Asia: Imported billet prices remain range-bound on weak market sentiment

Southeast Asia's imported billet market remained subdued, while Iran was an exception. Bids have remained range-bound at $510-515/tonnes (t) CFR. No active tender has been floated in the region.

Meanwhile, Turkiye's imported scrap prices remain range-bound this week. According to SteelMint's latest assessment, HMS 1&2 (80:20) prices from the US stood at $377-380/t CFR Turkiye. Turkish steel mills are preferring to restock imported scrap post a deal from the US at a higher bid. Despite restocking, steel mills were cautious about selling finished steel, resulting in no urgent rush to cover sales. Mills were reluctant to accept HMS (80:20) offers above $380/t CFR in the current import cycle due to narrow production margins.

However, Chinese billet prices have shown movement throughout the week. Prices increased by RMB 20/t ($3/t) w-o-w to RMB 3,570/t ($490/t) on 15 September, 2023.

Market highlights

• Vietnam's billet export offers fall w-o-w: Vietnam's BF-grade billet export offers stood at $495/t FOB, down $15/t w-o-w.
  
  
• Thailand's imported billet prices head south: Imported billet prices into Thailand edged down by $5 w-o-w to $505-510/t CFR.
  
  
• Iranian billet export prices rise: Iran's steel billet exporters are seeking to fulfill international demand amid domestic shortage of electricity, which is still a concern amid higher taxation pressure. SteelMint's latest assessment of Iran's billet (3SP) export prices showed an increase of $8/t w-o-w to $473/t FOB on 14 September. Sources informed that an Iranian steel mill has concluded an export deal for 30,000 t of billets at around $473/t FOB.