SE Asia: Imported billet prices remain unchanged amid weak market sentiment
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South East Asia's imported billet prices remained unchanged this week. Weak demand in China amid the ongoing Third Plenum session and its uncertain impact on the broader economy affected the market. Meanwhile, market participants have remained silent and no tenders were heard floated in the region.
Billet (150x150mm, 5SP) offers are at $495-500/tonnes (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 was assessed at $494/t CFR Manila, unchanged compared to the last assessment on 16 July.
Market highlights
- Vietnam's billet export offers drop w-o-w: Vietnam's BF-grade billet export offers dropped by $18/t w-o-w at $472/t FOB. As per sources, a deal of 20,000 t billets was concluded at $472/t FOB.
- Iranian market impacted by electricity shortage: Iran's billet export market remained silent due to electricity shortage in the country. As per last assessment on 16 July, billet offers were at $478/t FOB. According to BigMint's bi-weekly assessment, Iranian billet export prices are at $478/t FOB.
- Chinese billet prices inch down w-o-w: Billet prices in Tangshan fell by RMB 10/t ($1/t) w-o-w to RMB 3,270/t ($450/t) on 19 July. Weaker demand and 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) declined by RMB 44/t ($6/t) w-o-w to RMB 3,479/t ($479/t) on 19 July, 2024.
