Weekly round-up: Global billet market quiet as trade remains muted

Global billet prices remained stable this week amid low trade activities. Meanwhile, increasing scrap prices globally also weighed on billet prices. India's billet export market remained silent this week.

However, Turkiye's imported scrap prices increased. According to SteelMint's latest assessment, HMS 1&2 (80:20) prices from the US rose by $5/t CFR w-o-w to $355/t CFR Turkiye.

Global billet market snapshots:

• SE Asia billet prices remain stable: South East Asia's imported billet prices remained range-bound this week amid limited deals. SteelMint's bi-weekly assessment of blast furnace (BF)-route billets (150*150 mm,3SP) imported by the Philippines remained stable at $518/tonne (t) CFR. Vietnam's BF-grade billet export offers remained range-bound w-o-w at $505-510/t FOB. Imported billet prices into Thailand remained stable w-o-w at $520/t CFR.
  
  
• Iranian billet export trade resumes, prices stable: Iran's steel billet export market remained silent this week. Since no export tenders have yet been issued by Iranian mills due to the previous billet tender being concluded at lower levels than prices heard last week, prices are under pressure and the billet export market is quiet. Prices stood unchanged w-o-w at $463/t FOB as the market remained silent.
  
  
• Indian billet export trade subdued: Indian billet export trade activities remained limited amid bid-offer disparities. Indian mills were eyeing around $500/t FOB levels. However, bid indications were heard at $470-480/t FOB. Bid-offer disparity has resulted in absence of trade activities.
  
  
• Chinese billet prices fall w-o-w: Domestic billet prices in China's Tangshan fell by RMB 76/t ($10.50/t) w-o-w to RMB 3,540/t ($489.18/t), including 13% VAT, on 11 August.