Weekly round-up: Global billet market shows interplay of mixed sentiments

Global billet prices remained range-bound this week. Billet offers in the global market were subdued on weak sentiment, except in Iran. However, no deal was heard in the market apart from Iran. According to market sources, Indian billet export market continues to remain silent except a few deals done for Nepal.

Meanwhile, Turkiye's imported scrap prices remain range-bound this week. According to SteelMint's latest assessment, HMS 1&2 (80:20) prices from the US are at $377-380/t CFR Turkiye. Turkish steel mills are preferring to restock imported scrap post a deal from the US at a higher bid.

Global billet market snapshots:

• Iranian billet export prices rise: Iran's steel billet exporters are seeking to fulfill international demand amid domestic shortage of electricity, which is still a concern amid higher taxation pressure. SteelMint's latest assessment of Iran's billet (3SP) export prices showed an increase of $8/t w-o-w to $473/t FOB on 14 September. Sources informed that an Iranian steel mill has concluded an export deal for 30,000 t of billets at around $473/t FOB.
  
  
• SE Asia billet prices range-bound w-o-w: South East Asia's imported billet market remained subdued. Bids have remained range-bound at $510-515/t CFR. No active tender has been floated in the region.
  
  
• Vietnam's billet export offers fall w-o-w: Vietnam's BF-grade billet export offers stood at $495/t FOB, down $15/t w-o-w.
  
  
• Thailand's imported billet prices head south: Imported billet prices into Thailand edged down by $5 w-o-w to $505-510/t CFR.
  
  
• Chinese billet prices rise w-o-w: Chinese billet prices have shown movement throughout the week. Prices increased by RMB 20/t ($3/t) w-o-w to RMB 3,570/t ($490/t) on 15 September.