SE Asia: Imported billets market silent on muted trade

The South East Asian imported billets market remained passive this week as Chinese buyers remained absent and importers from the SE Asian region adopted a wait-and-watch mode. SteelMint's bi-weekly assessment of imported billets offers from South East Asia currently stands unchanged at $660/tonne (t), CFR Manila, w-o-w.

Market highlights

• Vietnam's billets export offers inch down: Vietnam's billets export market reported limited activity this week. According to SteelMint sources, the country's BF-route offers were at $630/t FOB, a drop of $10/t, w-o-w.
  
  
• Thailand's billets prices unmoved: Indicative imported billet offers into the country were hovering in the range of $650-660/t CFR, stable, w-o-w. Also, no deals were heard to have been concluded this week.
  
  
• Indian billets export prices at two-month low: The Indian billets export market continued to remain less active for yet another week. SteelMint's price assessment for Indian billet exports (150*150 mm, 3sp, BOF route) currently stands at $605-610/t FOB. Prices have fallen to two-month lows as per data maintained with SteelMint. "The market is completely dead as there are no firm indications from China and very limited bids from South East Asia", said a trader.
  
  
• Iranian billets export market subdued on limited deals: The Iranian billets export market has seen a slowdown in deals following the global trends and a sharp drop in Chinese rebar futures. Iran's leading steel exporter floated an export tender for 30,000 t of steel billets for December shipments. As per market sources, the tender received a bid of $597/t but is yet to be concluded. "The market was very silent this week. It would be interesting to see if the company concludes the tender at $597/t FOB as it is quite a sharp drop against the last price of $620-625/t FOB, with the recent recovery in futures", said an Iranian source.