SE Asia: Imported billets market at standstill amid year-end holidays

The South East Asian imported billets market remained passive for yet another week as buyers adopted a wait-and-watch mode, waiting for the ongoing holidays to end.

SteelMint's bi-weekly assessment of imported billets (150*150mm, 3SP) into the Philippines currently stands at $630-635/tonne (t), CFR Manila, stable, w-o-w.

Market highlights

• Vietnam's billets export offers flat: Vietnam's BF-route billets export offers stood flat at $620/t, FOB and no deals were heard to be concluded this week.
  
  
• Thailand's imported billets offers unchanged: Indicative imported billets offers into the country were hovering at $635/t CFR from various origins, unchanged, w-o-w. Thailand's billets imports in Nov'21 fell to 0.15 mn t from 0.22 mn t in Oct'21, a significant m-o-m fall of 32%, as per data recently released by customs.
  
  
• Indian billets exports market quiet: The Indian billets export market continued to remain less active for yet another week. No seaborne BF-route billets export deal was heard getting concluded so far this week. Meanwhile, most of the sellers in the Indian market have adopted a wait-and-watch mode, waiting for the ongoing holidays to end. SteelMint's bi-weekly price assessment for Indian billets export (150*150mm, 3SP/4SP, BOF route) stood at $600/tonne (t) FOB on 31 Dec'21. Prices have fallen to eight-month lows as per data maintained with SteelMint. A domestic state-owned steel mill had floated an ocean sale export tender for 20,000 t of steel billets (90x90mm) on FOB ST. delivery basis against an irrevocable letter of credit on payment at sight terms. The due date for the tender was 28 Dec'21. Owing to limited participation, the tender has been cancelled, sources informed SteelMint.
  
  
• Iranian billets export market silent: Iranian billets export market remained silent with no confirmed deal heard so far this week. Limited bids and approaching New Year holidays kept market participants on the sidelines. "The market is relatively quiet with no firm offers heard. Iranian mills may come up with fresh tenders in the first week of Jan'22," said a local source. SteelMint's latest assessment of Iranian billets exports (3 SP) decreased marginally by around $2/tonne (t) w-o-w to $545/t FOB on 31 Dec'21.