SE Asian imported billet prices edge lower on weak buying interest

The Southeast Asian billet market remained sluggish this week. Limited buying interest was seen due to high prices of semi-finished steel and weak fundamentals in the longs sector. Meanwhile, billet offers in the SE Asian market were heard at around $490-495/t CFR, with bids hovering around $480/t CFR Manila.

As per BigMint's bi-weekly assessment, prices of billets (150 x 150 mm, 3SP) imported by the Philippines declined $10/t w-o-w, reaching $485/t CFR Manila on 18 October.

Market highlights-

• Vietnam's billet export offers stable: Vietnam's blast furnace (BF) grade billet export offers remained stable w-o-w at $500/t FOB.
  
  
• Thailand's billet import offers were recorded at $500-510/t CFR, down $10/t w-o-w.
  
  
• Iran concludes export tender: An Iranian steel mill concluded an export tender for 30,000 t of billets at $466/t FOB, as per sources. The shipment is scheduled for end-November. Prices have increased by about $1/t w-o-w. Notably, Iran's semi-finished steel exports in H1 of the current Persian year (21 March-20 September) stood at 2.77 mnt, a decrease of 25% y-o-y, according to data from the Iranian Steel Producers Association (ISPA). As per BigMint's assessment, Iranian billet prices stood at $466/t today, inching up by $1/t w-o-w.
  
  
• China billet prices fall w-o-w: Billet prices in Tangshan fell RMB 130/t ($18/t) to RMB 3,070/t ($432/t) on 18 October against 11 October. Prices include 13% VAT. Negative market sentiments driven by raw material costs, sluggish finished steel sentiments along with weak export market has put pressure on billet prices. Meanwhile, SHFE rebar futures (January 2025 delivery) dropped by INR 132/t ($19/t) to stand at RMB 3,336/t ($470/t) today against 11 October.