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SE Asia: Imported billet prices remain range-bound w-o-w

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BigMint Bureau

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16 Aug 2024, 19:14 IST

SE Asia: Imported billet prices remain range-bound w-o-w

Import prices in Southeast Asia remained rangebound this week. The drop in prices for Chinese billets in the region, influenced by a bearish outlook in the futures market, reflected ongoing market uncertainty. Anticipating further declines, buyers often postponed their purchases, which reduced demand and exerted downward pressure on prices.

BigMint's bi-weekly assessment reported that billets (150x150mm, 3SP) imported by the Philippines were priced at $475-485/t CFR Manila. However, no transactions were reported at these levels.

Market highlights

Vietnam's billet export offers fall w-o-w: Vietnam's blast furnace (BF)-grade billet export offers fell by $5/t w-o-w at $465/t FOB. However, there was lack of billet tenders this week.

Thailand billet import offers were recorded at $475/t CFR. Notably, absence of billet tender was observed this week.

Iranian billet market witnesses export tender conclusion: An Iranian steel mill has finalised an export tender for 25,000 t of billets scheduled for shipment in mid-October 2024. The deal was reportedly concluded at $472/t FOB, according to sources. As of 16 August, 2024, BigMint's latest assessment indicated that Iran's billet (3SP) export prices are in the range of $470-475/t FOB.

Indian billet export market awaits tender outcome: Indian billet export market is waiting for billet tender conclusion for price clarity. State-owned Vizag Steel (RINL) has floated an ocean sale export tender for 30,000 t of blooms (prime concast steel billets - 150x150 mm, 3SP/4SP) on FOB ST delivery basis against 100% advance payment terms. The last date for bid submission is scheduled today and delivery is scheduled for 30 September. India's billet exports stood at 32,175 t in Jun'24.

Chinese billet prices edge down w-o-w: Billet prices in Tangshan edged down by RMB 210/t ($29/t) w-o-w to RMB 2,860/t ($399/t) on 16 August. Rise in inventory level, decline in raw material, finished steel prices and rebar futures weighed on billet prices. Prices include 13% VAT. SHFE rebar futures (October, 2024 delivery) dropped by RMB 199/t ($28/t) w-o-w to RMB 3,078/t ($430/t) on 16 August, 2024.