Weekly round-up: Global billet market remains weak amid thin trading

The global billet market witnessed dull sentiments this week due to bid-offer disparities and the absence of firm buying interest in key importing countries due to weak finished steel demand.

Falling global scrap prices and volatility in rebar futures weighed on billet import prices. According to data maintained with SteelMint, China's SHFE rebar futures stood at RMB 3,660/t ($529/t), down sharply by RMB 150/t ($22/t) w-o-w.

Meanwhile, Turkiye's imported scrap prices fell by around $15/t w-o-w amid the Eid holidays. Also, the domestic market remained subdued with slow off-take, according to sources.

Market highlights

• India's billet export market awaits tender outcome: State-owned Vizag Steel has floated an ocean sale export tender for 30,000 tonnes (t) of steel blooms (150x150mm, 3SP/4SP) on FOB ST delivery basis against 100% advance payment terms. The last date for bid submission is 4 May and the delivery is scheduled for 15 June.
  
  
• Iran's billet export market silent: Iran's steel billet export market remained silent this week, awaiting tender outcomes floated by KSC, Sirjan for better price clarity. Low demand from key importing countries and a fall in bids weighed on the billet export market. SteelMint's latest assessment of Iran's billet (3SP) export prices stood at around $500/t FOB on 28 April, down $20/t w-o-w.
  
  
• SE Asia's imported billet market bearish: South East Asia's imported billet market continued to remain silent this week due to bid-offer disparities and muted demand in the finished steel sector. Also, market participants adopted a wait-and-watch approach amid further price cut expectations, which limited trade activities. Offers from Indonesia's Dexin were heard at around $540/t FOB. However, bids are yet to rise. SteelMint's bi-weekly assessment of BF-route billet (150x150mm, 3SP) imported by the Philippines currently stands at around $530-535/t CFR Manila, down $27/t w-o-w.
  
  
• Vietnam's billet export offers inch down w-o-w: Vietnam's BF-grade billet export offers inched down by around $10/t w-o-w to $530/t FOB. No active deals were reported on these offers.
  
  
• Thailand's imported billet prices unchanged: Imported billet prices into Thailand were hovering at around $565/t CFR, stable w-o-w.
  
  
• Chinese billet prices fall: Billet prices in China's Tangshan fell w-o-w by RMB 170/t ($24/t) to RMB 3,490/t ($505/t), including 13% VAT, on 28 April. Weak demand, volatility in rebar futures, and finished steel prices weighed on billet prices.