SE Asia: Imported billet prices stay supported but trades remain muted

South East Asia's imported billet prices remained supported this week. However, lower bids and weakened finished steel sentiments in the region kept trades at bay.

SteelMint's bi-weekly assessment of billet (150x150mm, 3SP) imported by the Philippines currently stands at around $553/tonne (t) CFR Manila, a marginal increase of around $5/t, w-o-w.

Market highlights

• Vietnam's billet export offers rangebound: Vietnam's BF-grade billet export offers stood at around $530-540/t FOB, remaining rangebound w-o-w. Meanwhile, some industry participants found domestic prices more attractive, which stood at around $550/t exw.
  
  
• Iranian billet export market rangebound in recent deals: Iran's billet export market remained largely silent this week with prices remaining rangebound in a recently-concluded deal. Hike in Chinese steel prices and the energy crisis in the European Union (EU), along with Turkey, supported billet export prices. An Iranian mill concluded an export deal for 40,000 t of steel billets at around $460/t FOB for October shipment, sources informed SteelMint. Prices have remained rangebound as against the last concluded tender in the previous week. Another 20,000-30,000 t slab export tender was concluded by a leading steel mill at around $430/t FOB Iran and the shipment is scheduled for end-October. Meanwhile, Chadormalu and Sirjan Steel Company have floated steel billet export tenders of 30,000 t each. SteelMint's latest assessment of Iran's billet (3SP) export prices stood at around $461/t FOB on 16 September, stable, w-o-w.