SE Asia: Mills Lower Bids for Billet Amid Global Price Decline

The billet market sentiments have weakened in the SE Asian countries. The two prime factors which are directing the market sentiments in SE Asia are US sanctions and wet climatic conditions, which are pushing back marketers from making any purchase.

South East Asia billet import offers are assessed around USD 450-460/MT, CFR levels, marginally down against last week. Offers from CIS nations to Thailand were assessed around USD 450/MT, CFR Thailand and that to Philippines are learned around USD 455-460/MT, CFR Manilla.

Billet export offers from CIS nations- This week offers from CIS nations were assessed at USD 410/MT, FoB Black Sea. The sentiments were reported weak in the region.

Vietnam billet offers - This week Vietnam billet (130*130mm, 5 SP grade) offers were reported to be USD 455/MT, CFR Manila. The billet export trade sentiments are reported marginally down this week in Vietnam.

Also the global billet export market is battling with dipping Turkey's scrap import prices which has managed to keep the market sentiments weaken. SteelMint's assessment for US origin HMS (80:20) scrap to Turkey is USD 280/MT, CFR against USD 293/MT, CFR a week back.