Weekly round-up: Global billet market remains lacklustre amid weak market sentiment

The global market for steel billet remains lackluster amid weak market sentiment. Billet players stay cautious with limited purchasing activity. Additionally, the weak demand in the longs sector and seasonal factors have contributed to the stability in billet prices, with buyers waiting for more favorable conditions.

Market highlights:

• SE Asia imported billet prices decline w-o-w: SE Asia's imported billet market witnessed subdued sentiments this week amid lack of buying interest, limiting 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.
  
  
• 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.
  
  
• Indian billet export market awaits tender results: State-owned Vizag Steel (RINL) has floated an ocean sale export tender for 30,000 t of steel blooms (150x150 mm, 3SP/4SP) on FOB ST delivery basis against 100% advance payment terms. The last date for bid submission is 27 June, 2024 and delivery is scheduled for 15 August. India's billet exports stood at 39,308 t in May, 2024.
  
  
• Iranian steel billet export prices decline w-o-w: 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 w-o-w 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.