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Weekly round-up: Global billet price trends (Week 45, 2024)

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BigMint Bureau

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9 Nov 2024, 12:35 IST

Weekly round-up: Global billet price trends (Week 45, 2024)

Uncertainty arises amid Chinese stimulus, US election

Billet market turns wary, scrap import offers edge up

The global billet market remained silent this week amid weak market sentiment. Notably, market participants were in a wait-and-watch mode, owing to uncertainty in the Chinese market due to the latest stimulus measures and US election results. This led to a lack of billet tenders and limited offers in the global market.

Meanwhile, imported ferrous scrap prices edged up by up to $3/t w-o-w, with mills booking scrap for December. As per BigMint's assessment, US-origin HMS (80:20) bulk scrap stood at $365/t CFR, up by $3/t w-o-w. Notably, the US market remains positive after the election. Before the election results, US suppliers were cautious, holding off on firm offers till the right moment, hoping for a further rise in demand.

Market highlights

SE Asia imported billet prices decline: The imported billet market in Southeast Asia was subdued this week due to the lack of tenders and weak market sentiment. BigMint's bi-weekly assessment of billets (150 x 150 mm, 3SP) imported by the Philippines dropped by $2/t to $495/t CFR Manila on 8 November against 2 November.

Vietnam's blast furnace (BF) grade billet export offers stood at $465/t FOB on 8 November.

Iran sees nil export tenders: The Iranian billet export market remained silent, as no export tenders were floated this week. Iranian billet prices were up by $5/t to $465/t on 8 November against 2 November.

Chinese billet prices drop by RMB 50/t ($7/t): Billet prices in Tangshan dropped by RMB 50/t ($7/t) to RMB 3,120/t ($435/t) on 8 November against 30 October. Prices include 13% VAT. Weak demand led to a decline in rebar futures, putting downward pressure on billet prices. However, the government's support policies are also being viewed with uncertainty. Meanwhile, SHFE rebar futures (January 2025 delivery) decreased by RMB 26/t ($4/t) to RMB 3,367/t ($470/t) on 8 November against 1 November.