Weekly round-up: Global billet market subdued amid bearish sentiments

Global billet prices remained under pressure this week, in the middle of bid-offer disparities as absence of active buyer in the market. Meanwhile, falling scrap prices globally has also contributed to weigh on billet prices.

Turkiye's imported scrap prices saw a marginal change w-o-w. According to SteelMint's latest assessment, HMS 1&2 (80:20) prices from the US edged down by $5/t w-o-w to $350/t CFR Turkiye.

Global billet market snapshots:

• Iranian billet export prices under pressure: Iran's steel billet export market is witnessing a price decline after the recently imposed export duty. Steel billet prices dropped by $10/t w-o-w to stand at $473/t FOB. A couple of unconfirmed deals were reported at lower offers later in the week. An export tender has been floated for 30,000 t of billets by a mill with due date on 1 August 2023. The shipment is scheduled for October.
  
  
• SE Asia billet prices remain rangebound: South East Asia's imported billet prices remained under pressure 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 range-bound at $515/t CFR Manila. An import deal has been concluded for 20,000 t of 5sp billet of Saudi Arabia-origin to Philippines at $522/t CFR, SteelMint noted.
  
  
• Vietnam's billet export offers stable w-o-w: Vietnam's BF-grade billet export price idea stands stable w-o-w at $515/t FOB. However, mills are also trying to offer higher at $530/t, FOB.
  
  
• Thailand's imported billet prices rise: Imported billet prices into Thailand rose by $5/t to $520/t CFR.
  
  
• Chinese billet prices rise w-o-w: Domestic billet prices in China's Tangshan rose by RMB 50/t ($7/t) w-o-w to stand at RMB 3,650/t ($510/t), including 13% VAT, on 28 July.