SE Asia: Imported billets market sees limited trade amid bid-offer disparities
South East Asia’s imported billets market continued to remain silent on low buying interest amid subdued finished steel demand in the region, bid-offer disparit...
South East Asia's imported billets market continued to remain silent on low buying interest amid subdued finished steel demand in the region, bid-offer disparities and the region struggling with natural calamities, SteelMint observed.
Also, the market slowed down as China remained inactive this week owing to the National Holidays. SteelMint's bi-weekly assessment of billets (150x150mm, 3SP) imported by the Philippines currently stands at around $540/tonne (t) CFR Manila, a fall of around $12/t w-o-w.
Meanwhile, 40,000 t of steel billets were recently exported by Dexin Steel to the Philippines at around $512/t FOB, sources informed SteelMint.
Market highlights
- Vietnam's billet export offers unchanged w-o-w: Vietnam's BF-grade billet export offers stood unchanged w-o-w at around $535/t FOB. However, falling scrap prices and modest demand for finished steel in the region have weighed on the billets export market, SteelMint noted.
- Thailand's imported billet market witnesses low buying: Thailand's imported billets market witnessed low buying amid bid-offer disparities. Recently, Iranian billets were pitched to Thailand at around $463/t FOB which would roughly translate into around $510-515/t CFR. However, bids are prevailing at around $500/t CFR levels.
- Iranian steel billet export market sees limited trading: Iran's billets export market remained silent this week with prices remaining stable w-o-w. Low bids from the key importing nations, limited trades and competitive offers from Russia weighed on the export market. However, prices remained supported amid hike in global scrap prices, SteelMint noted. Moreover, economic activity in Iran is getting hampered due to the pending political negotiations involving the Joint Comprehensive Plan of Action (JCPOA), sources shared. Meanwhile, an Iranian mill concluded an export deal for 30,000 t of steel billets at around $463/t FOB, sources further informed SteelMint. SteelMint's latest assessment of Iran's billets (3SP) export prices stood at around $463/t FOB on 7 October, up by $3/t, w-o-w.