SE Asia: Imported billets market exhibits bearish sentiments
The South East Asian imported billets market remained bearish this week despite a recovery in the Chinese rebar futures. SteelMint’s bi-weekly assessment of imp...
The South East Asian imported billets market remained bearish this week despite a recovery in the Chinese rebar futures. SteelMint's bi-weekly assessment of imported billets (150*150mm, 3SP) into the Philippines currently stands at around $625/tonne (t), CFR Manila, lower by $10/t, w-o-w.
According to data maintained with SteelMint, the Chinese SHFE rebar futures contract for May'22 delivery closed at RMB 4,526/t ($709/t) on 7 Jan'22, a sharp w-o-w rise of RMB 211/t ($33/t) and an increase of RMB 32/t ($5/t), d-o-d.
Market highlights
- Vietnam's billets export offers flat: Vietnam's BF-route billets export offers stood flat at $620/t, FOB with no deals concluded this week.
- Thailand's imported billets offers fall: Indicative imported billets offers into the country are hovering at $620/t from various origins, a fall of $15/t, w-o-w. Also, offers from Iran were reported at $610/t, as per market sources.|
- Indian billets export prices under pressure: The Indian billets export market has seen a calm start to the New Year post the holidays. Limited bids in the market and bid-offer disparities weighed down Indian billet export prices. "Bids for billets exports are at around $580-585/t FOB at present," one of the traders said while talking to SteelMint. SteelMint's bi-weekly price assessment for Indian billets export (150*150mm, 3SP/4SP, BOF route) stood at $580-590/t FOB on 7 Jan'22, lower by $10-15/t w-o-w. Prices fell to over a nine-month low, as per data maintained with SteelMint.
- Iranian billets export market quiet as mills hold back on lower bids: Iranian billets export market remained silent for yet another week with no deals heard so far. The Iranian market is in wait-and-watch mode amid falling bids in exports. "The market is relatively quiet on lower bids. Some more tenders are expected to be floated from the other companies next week," informed a source. One of the major billets exporters from Iran, Chadormalu, opened an export tender for 30,000 t of billets with the due date on 11 Jan'22. SteelMint's latest assessment of Iranian billets exports (3 SP) was stable w-o-w at $545/t FOB on 7 Jan'22.