Weekly round-up: Global billet offers remain firm amid hike in scrap prices

Global billet prices remained firm, as absence of tenders was noted in the global market this week. Billet offers remained stable, despite of increase in global scrap prices. Meanwhile, Turkiye's imported scrap prices have risen this week. According to SteelMint, HMS 1&2 (80:20) prices from the US stood at $390/tonnes (t) CFR, a rise of $8/t w-o-w.

Market highlights:

• SE Asia billet offers remain stable w-o-w: South East Asia's imported billet prices remained stable w-o-w. Billet import offers for 5 SP grade were heard at around $530-535/t CFR Manila, unchanged, w-o-w.
  
  
• Vietnam's export offers remain constant w-o-w: Vietnam's BF-grade billet export offers have remained stable w-o-w at $515/t FOB.
  
  
• Thailand's imported billet offers stable w-o-w: Imported billet offers from the ASEAN region into Thailand were recorded at $525-530/t CFR, unchanged w-o-w.
  
  
• Iranian billet export prices continue to remain firm w-o-w: Iran's billet export market continued to remain silent amid no tender concluded recently. Some of the key billet mills are preferring to wind up their previous tenders, which are aligned for the end-December shipment at $465-470/t FOB. No movement was recorded owing to bid-offer disparities in the region. As per SteelMint's latest assessment, Iran's billet (3SP) export prices remained stable w-o-w at $470/t FOB on 23 November.
  
  
• Chinese billet prices fall w-o-w: Chinese billet prices fell by RMB 10/t ($1/t) to RMB 3,650/t ($510/t) on 24 November against 17 November. Volatility in rebar futures and lower demand due to winter season in the region have weighed on billet prices. However, Chinese SHFE rebar futures inched up by RMB 47/t (7/t) w-o-w to RMB 3,976/t ($556/t) today.