SE Asia: Imported billet prices remain stable w-o-w post China holidays

Imported billet prices in Southeast Asia remained stable this week. Market participants are opting wait and watch mode as Chinese players have returned from mid-Autumn holidays.

BigMint's bi-weekly assessment of billets (150 x 150 mm, 3SP) imported by the Philippines remained stable w-o-w at $460/tonnes (t) CFR Manila.

Market highlights

• Vietnam's billet export offers stable w-o-w: Vietnam's blast furnace (BF)-grade billet export offers remained stable w-o-w at $465/t FOB. As per sources, in the domestic market, billet prices were at $480/t exw, which is higher than export prices, keeping trade activities lower.
  
  
• Thailand's billet import offers were recorded at range of $470-475/t CFR, increases by $15/t w-o-w.
  
  
• Chinese billet prices largely stable w-o-w: Billet prices in Tangshan remained largely stable witnessing minor downward corrections by RMB 10/t ($1/t) w-o-w to RMB 2,900/t ($411/t) (inclusive of 13% VAT) on 20 September. Drop in rebar futures weighed on billet prices. However, demand continues to remain supportive. SHFE rebar futures (January 2025 delivery) inched down by RMB 2/t w-o-w to RMB 3,183/t ($451/t) on 20 September.
  
  
• Indian billet export market awaits tender outcome: The Indian billet export market remained lacklustre as billet market awaits previous tender conclusion for price clarity. Notably, absence of fresh export tender is seen in the region.