Weekly round-up: Global billet market muted in absence of active trade

The global billet market remained subdued this week. Market players remained quiet on mixed sentiments and were focused on monitoring global market trends post week long holidays in China.

Meanwhile, Turkiye's imported scrap prices inched down this week. According to SteelMint's latest assessment, HMS 1&2 (80:20) prices from the US stood at $361/t CFR Turkiye, down $10/t w-o-w.

Market highlights:

• Iranian billet export prices firm w-o-w: The Iranian government has reversed a 25% tax exemption for exporters. The government intends to restrict exporters to support the national economy. Billet players opted to wait and watch in order to attain more clarity on market sentiment. SteelMint's latest assessment of Iran's billet (3SP) export prices remained largely stable w-o-w at $475/t FOB on 13 October. Recently, the Iranian mill Khouzestan Steel Company (KSC) has floated 30,000 t tenders each for billets and slabs.
  
  
• SE Asia billet prices subdued: Southeast Asia's imported billet market remained subdued this week. Bid price indications stood at $510/t CFR Manila and offers floated in the region were at $520/t CFR. The market remained under pressure due to a decline in scrap prices. There was absence of active tenders in the region amid weak market sentiment. As per SteelMint's bi-weekly assessment, billet import prices stood at $515/t CFR Manila, falling by $4/t w-o-w.
  
  
• Vietnam's billet export offers remain steady: Vietnam's BF-grade billet export offers stood at $495/t FOB, stable w-o-w.
  
  
• Thailand's imported billet offers stable: Imported billet offers from the ASEAN region into Thailand were recorded at $520-525/t CFR.
  
  
• Chinese billet prices drop: Chinese billet prices fell by RMB 40/t ($5/t) to RMB 3,410/t ($467/t) on 13 October as against 9 October, post Golden Week holidays. The market is going through a phase of recovery, as supply of steel billets is decreasing.