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Weekly round-up: Global billet market remains sluggish in absence of active trades

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BigMint Bureau

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29 Jun 2024, 13:57 IST

Weekly round-up: Global billet market remains sluggish in absence of active trades

The global market for steel billet remains dull amid low demand and lack of trading activities due to weak market sentiment. BigMint observed that billet players are opting for a wait-and-watch strategy amid monsoon season, weaker rebar market, and subdued buying interest in the global market.

Market highlights:

SE Asia imported billet prices stable w-o-w: Southeast Asia's (SE Asia's) imported billet market continued to remain sluggish on the back of insufficient demand in the region, muted trades amid absence of bids, weak finished steel market sentiments and volatility in Chinese rebar futures. Meanwhile, market participants have adopted a wait-and-watch mode with price cut expectations, BigMint observed. BigMint's bi-weekly assessment of billet (150x150mm, 3SP) imported by the Philippines currently stands at $505-510/tonne (t) CFR Manila, unchanged, w-o-w.

Vietnam's billet export offers drop w-o-w: Vietnam's BF-grade billet export offers fell w-o-w by $10-15/t to $490/t FOB with no active trades. The country's finished steel segment has not been performing well due to monsoon causing delays in construction activities affecting billet export market.

Thailand's imported billet prices fall w-o-w: Thailand's imported billet offers witnessed a w-o-w decrease of $15-20/t CFR to $495-500/t CFR. Meanwhile, the country's billet imports dropped by 34% m-o-m to 127,890 t in May, 2024 as against 193,477 t in the previous month, according to the Customs data maintained by BigMint.

Iranian billet export market at standstill: Iran's billet export market continued to remain silent this week with prices stable on a weekly basis. No major billet export tenders have been heard in recent times. Power cut restrictions amid scorching summer in the region have weighed on export market.

China's steel billet prices decrease w-o-w: Billet prices in Tangshan dropped by RMB 30/t ($4/t) w-o-w to RMB 3,310/t ($456/t) on 28 June, 2024. Volatility in raw materials, finished steel prices, rebar futures throughout the week along with lower trades weighed on billet prices. Prices include 13% VAT. SHFE rebar futures (October, 2024 delivery) decreased by RMB 19/t ($3/t) w-o-w to RMB 3,544/t ($488/t) on 28 June, 2024.