SE Asia: Imported billet prices under pressure amid weak demand, falling scrap prices

South East Asia's imported billet prices dipped this week. SteelMint's bi-weekly assessment of blast furnace (BF)-route billets (150x150 mm, 3SP) imported by the Philippines fell by $5/tonne (t) to stand at $515-520/t CFR Manila.

Buying capacity for imported billet in Southeast Asia has weakened this week because buyers have sourced enough material last week, a number of deals have still been concluded in the market, with offers dipping a bit.

Meanwhile, Turkiye's imported scrap prices tumbled w-o-w. According to SteelMint's latest assessment, HMS 1&2 (80:20) prices from the US edged down by $15/t w-o-w to $355/t CFR Turkiye.

Market highlights

• • Vietnam's billet export offers stable w-o-w: Vietnam's BF-grade billet export offers were down by $5/t w-o-w at $515/t FOB.
    
    
  • Thailand's imported billet prices range-bound: Imported billet prices into Thailand fell by $5-10/t w-o-w to stand around $510-515/t CFR.
    
    
  • Iranian billet export prices stable: Iran's steel billet export market turned silent after the announcement of export duties earlier this week. Prices remained stable at $483/t FOB, w-o-w. Weak market sentiments post-export duty imposition has weighed on billet export market, SteelMint noted. However, there are some unconfirmed reports of some deals concluded at $473/t FoB for GCC.
    
    
  • Chinese billet prices rise w-o-w: Domestic billet prices in China's Tangshan rose by RMB 40/t ($6/t) w-o-w to stand at RMB 3,600/t ($501/t), including 13% VAT, on 21 July.