SE Asia: Imported billet trade slows down, prices range-bound

South East Asia's imported billet prices remained range-bound this week. The market has remained slow in absence of trade activities due to bid-offer disparity. SteelMint's bi-weekly assessment of blast furnace (BF)-route billets (150×150 mm, 3SP) imported by the Philippines stood at $520-525/tonne (t) CFR Manila.

Chinese steel futures rose w-o-w. Rebar futures for October 2023 contract on the Shanghai Futures Exchange (SHFE) increased by RMB 103/t ($14/t) w-o-w to RMB 3,774/t ($529/t) on 14 July.

Meanwhile, Turkiye's imported scrap prices saw a marginal change w-o-w. According to SteelMint's latest assessment, HMS 1&2 (80:20) prices from the US edged down by $6/t w-o-w to $370/t CFR Turkiye.

Market highlights-

• Vietnam's billet export offers stable w-o-w: Vietnam's BF-grade billet export offers remained stable w-o-wat $520/t FOB.
  
  
• Thailand's imported billet prices range-bound: Imported billet prices into Thailand remained range-bound w-o-w to stand around $515-520/t CFR.
  
  
• Iranian billet export prices drop: Iran's steel billet export prices dipped $7/tonne (t) w-o-w to $483/t FOB. An Iranian steel mill has concluded an export deal for 30,000 t of billets at $483/t FOB, sources informed.
  
  
• Chinese billet prices rise w-o-w: Domestic billet prices in China's Tangshan rose by RMB 10/t ($1/t) w-o-w to stand at RMB 3,560/t ($499/t), including 13% VAT, on 14 July.