Weekly round-up: Global billet offers rise on bullish sentiments

Billet players actively participated in the global market this week and the influence of higher import scrap prices in Turkiye and higher Chinese steel futures nudged billet prices higher. Turkiye's imported scrap prices rose this week. According to SteelMint, HMS 1&2 (80:20) prices from the US stood at $385/t CFR, up $8/t w-o-w.

Market highlights:

• SE Asia billet offers inch up w-o-w: Southeast Asia's billet import market showed signs of improvement. Billet importers are currently waiting and observing the Chinese futures market, which is not showing much movement. Importers have already acquired enough billets and are expecting prices to stabilise in the near term. Billet import offers for 5 SP grade were heard at $530-535/t CFR Manila, up $5-10/t w-o-w.
  
  
• Thailand's imported billet offers rise w-o-w: Imported billet offers from the ASEAN region into Thailand were recorded at $525-530/t CFR, up by $15-20/t w-o-w.
  
  
• Iranian billet export prices remain stable w-o-w: Iran's billet export market is expected to stay active in the coming week, as exporters are willing to accept lower bids. Strong global demand and the lack of support from domestic buyers led billet exporters to settle for lower prices.Afra Iron and Steel Company floated an export tender for 30,000 t of billets, which was heard concluded at around $470/t FOB. As per SteelMint's latest assessment, Iran's billet (3SP) export prices remained stable w-o-w at $470/t FOB on 16 November.
  
  
• Chinese billet prices edge up w-o-w: Chinese billet prices increased w-o-w by RMB 30/t ($4/t) to RMB 3,660/t ($507/t) on 17 November. Positive sentiments from finished steel and raw materials markets supported billet prices. However, the approaching winter season is a matter of concern in terms of demand. Meanwhile, Chinese SHFE rebar futures rose by RMB 50/t ($7/t) w-o-w to RMB 3,929/t ($545/t).