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Weekly round-up: Global billet market exhibits divergent trends w-o-w

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BigMint Bureau

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1 Jun 2024, 13:56 IST

Weekly round-up: Global billet market exhibits divergent trends w-o-w

The global market for steel billets exhibited diverse price trends this week. As per sources, billet exporters were inactive as absence of trade activities was witnessed in South East Asia. In Indonesia, a billet export tender was concluded this week at last week's prices.

Meanwhile, Turkiye's imported scrap prices remained range-bound as mills are steadily restocking the same at stable prices. Negotiations in the ferrous scrap market mid-week indicated that most importers are delaying new deals due to weak demand for finished steel. Turkish mills booked 5-6 cargoes in the last week of May majorly from Europe, at comparatively range-bound prices of $372-375/tonnes (t) CFR.

Market highlights:

SE Asia billet import offers stable w-o-w: The Southeast Asian imported billets trade activities remained subdued this week. According to sources, billet import offers remained at the similar levels w-o-w at $525/t CFR Manila. However, no major deals were recorded this week.
In addition, Japan billet offers of EAF route stood at $520/t CFR Manila, as per sources.

Iranian billet export prices remain stable w-o-w: Iranian billet offers remained stable this week. According to BigMint assessment, billet prices stood at $478/t FOB.

Vietnam's billet export offers of BF mills were recorded at lower levels of around $500-505/t FOB Vietnam this week, stable w-o-w.

Thailand's imported billet offers dropped by $5/t w-o-w to $520-525/t CFR this week.

Indonesian mill seals tender: Indonesian steelmaker, Dexin Steel, has booked 20,000 t billets at $495 FOB Indonesia, as per sources.

Chinese billet prices inch down: Billet prices in Tangshan inched down by RMB 50/t ($7/t) w-o-w to RMB 3,510/t ($494/t) on 31 May, 2024 against 24 May. Decline in raw material prices, finished steel prices, and rebar futures have put pressure on billet prices. Prices include 13% VAT. SHFE rebar futures (October, 2024 delivery) decreased by RMB 82/t ($11/t) w-o-w to RMB 3,706/t ($522/t) on 31 May.