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Weekly round up: Global billet market witnesses sluggish sentiment

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BigMint Bureau

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3 Aug 2024, 13:19 IST

Weekly round up: Global billet market witnesses sluggish sentiment

The global billet market is currently facing a period of stagnation, largely driven by weak sentiment and lack of tender activity. However, in Iran, a billet export tender has been concluded but at lower level. As per sources, weak sentiment has emerged in Southeast Asia (SE Asia) billet market where Chinese traders are offering at lower levels. Additionally, market participants from China are active in export market.

Market highlights

SE Asia billet import prices drop w-o-w: SE Asia's imported billet prices dropped this week. According to BigMint's bi-weekly assessment, billet (150x150mm, 3SP) imported by the Philippines was assessed at $485/tonne (t) CFR Manila, down by $5/t w-o-w. Notably, previous billet (150x150mm, 5SP) offers were reduced to $485/t CFR Manila and bids dropped to $475/t CFR Manila.

Vietnam's billet export offers remain stable w-o-w: Vietnam's blast furnace (BF)-grade billet export offers remained stable w-o-w to $470/t FOB. However, absence of billet deal was witnessed this week.

Iranian billet prices drop in recent deal: The Iranian billet export market recorded tender conclusions this week at lower levels. An Iranian steel mill concluded an export tender for 30,000 t of billets for September shipment. The deal was heard sealed at $460-470/t FOB. According to BigMint's bi-weekly assessment, Iranian billet export prices are at $470/t FOB, down by $8/t FOB.

Indian billet export market awaits tender conclusion: Indian billet export market is waiting for billet tender conclusion for price clarity. State-owned Vizag Steel (RINL) has floated an ocean sale export tender for 30,000 t of blooms (prime concast steel billets - 150x150 mm, 3SP/4SP) on FOB ST delivery basis against 100% advance payment terms. The last date for bid submission is 6 August, 2024 and delivery is scheduled for 21 September, 2024. India's billet exports stood at 32,175 t in June, 2024.

Chinese billet prices decline w-o-w: Billet prices in Tangshan fell by RMB 40/t ($6/t) w-o-w to RMB 3,140/t ($473/t) on 2 August. Lower demand, fall in raw materials, and finished steel prices, throughout the week weighed on billet prices. Prices include 13% VAT. SHFE rebar futures (October, 2024 delivery) inched up by RMB 8/t ($1/t) w-o-w to RMB 3,379/t ($469/t) on 2 August, 2024.