SE Asia's imported billet prices continue to fall amid weak market sentiment
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South East Asia's imported billets market witnessed subdued sentiments this week. Lack of buying interest have limited trading activities of billets in the region. Buyers are hesitant to make new purchases due to the sluggish longs sector and the rainy season, which negatively impacts sales.
BigMint's bi-weekly assessment of billets (150x150mm, 3SP) imported by the Philippines currently stands at around $505-510/tonne (t) CFR Manila, a drop of around $3/t, w-o-w.
Market highlights
- Vietnam's billet export offers remain stable w-o-w: Vietnam's BF-grade billet export offers stood stable w-o-w at around $500-505/t FOB with absence of active trades amid weak market sentiments.
- Thailand's imported billet prices remain unchanged w-o-w: Thailand's imported billet offers remained unchanged w-o-w at $515/t CFR.
- Indonesian billet market witnesses trading activity: An Indonesian mill have booked 50,000 t of billets at $490/t FOB, maintaining last week's price, reportedly to a trader for Turkiye, sources informed BigMint.
- Iranian steel billet export prices decline: The Iranian billet export prices declined amid absence of trading activities. Meanwhile, no movement have been witnessed in the billet market this week. According to BigMint's latest assessment, Iran's billet (3SP) export prices inched down by $2/t to $480/t FOB on 21 June, 2024.
- China's steel billet prices fall w-o-w: Billet prices in Tangshan dropped significantly by RMB 60/t ($8/t) w-o-w to RMB 3,340/t ($460/t) on 21 June, 2024. Lower trades along with volatile rebar futures have weighed on billet prices. Prices include 13% VAT. SHFE rebar futures (October, 2024 delivery) decreased by RMB 74/t (51/t) w-o-w to RMB 3,563/t ($491/t) on 21 June, 2024.
