SE Asia: Imported billets market silent after China rebar futures drop

The imported billets market in South East Asia remained passive this week in the absence of firm bids. SteelMint's bi-weekly assessment of imported billet offers from South East Asia currently stands unchanged at $695-700/tonne (t) CFR Manila. The market seems to be silent and buyers' interest has been affected owing to soaring Covid cases.

Market highlights:

• Vietnam's billet export offers unmoved: Vietnam's BF-route billet export offers remained unchanged at $675/t, FOB with no deals concluded this week.
  
  
• Thailand's imported billet offers stable: Indicative imported billet offers into the country are hovering in the range of $710-720/t CFR from various origins, unchanged, w-o-w.
  
  
• Indian billet export prices up: The Indian billets export market regained some momentum this week after sentiments improved post the Chinese holidays. A state-owned Indian mill reportedly concluded another export tender for 30,000 t of steel blooms (150x150mm, 3SP/4SP grade), as per SteelMint reports. The shipment is scheduled within 45 days from the export agreement. According to market sources, the deal was concluded at around $630/t FOB (on 100% advance payment basis).
  
  
• Iranian mills remain active in exports: An Iranian mill concluded an export deal for 40,000 t of slabs, reliable sources informed SteelMint. The shipment is yet to be confirmed. According to market sources, the deal was heard to be concluded at $675/t on FoB basis. Iran's slab export prices fell by around $5/t compared to prices seen in the last concluded tender. Also, an Iranian mill reportedly concluded another package of 30,000 t of steel billets for exports at $630/t FOB, sources informed SteelMint.
  
  

However, sentiments turned bearish as Chinese re-bar futures dropped sharply today. According to data maintained with SteelMint, the Chinese SHFE rebar futures contract for Jan'22 delivery closed today, 24 Sep'21, at RMB 5,468/t ($846/t), decreasing by RMB 137/t ($21/t) d-o-d.