Weekly round-up: Global billet price trends (Week 50, 2024)

• Billet offers show improvement in SE Asia
  
  
• Absence of tenders keeps market silent
  
  

The Southeast Asian billet market exhibited divergent dynamics influenced by China's economic developments and showed faint signs of improvement partially due to China's market optimism. Despite local gains, Chinese mills hold export prices, prioritising domestic finished steel shipments over exports of semi-finished products.

Meanwhile, Turkish demand for restocking increased, and sellers vented strong price expectations. Turkish imported ferrous scrap prices rose by $7/t w-o-w, rebounding after hitting a two-year low. This week, improved steel demand in both the domestic and export markets kept prices supported. As per BigMint's assessment, US-origin HMS (80:20) bulk scrap stood at $345/t CFR, up $7/t w-o-w.

Market highlights

• SE Asia imported billet prices remain supported: Imported billet offers in Southeast Asia rose this week, as improving sentiments in China supported tags. However, weak buying interest pressured new bookings. Offers for billets (150 x 150 mm, 5SP) imported by the Philippines were heard at around $470-475/t CFR Manila. As per BigMint's weekly assessment, billets (150 x 150 mm, 3SP) imported by the Philippines remained stable w-o-w at $470/t CFR Manila on 13 December.
  
  
• Vietnam's blast furnace (BF) grade billet export offers remained unchanged w-o-w at $460/t FOB on 13 November.
  
  
• Iranian market remains silent: The Iranian billet export market remained silent, as lack of export tenders were witnessed this week. Notably, Iranian billet prices stood stable w-o-w at $458/t on 13 December.
  
  
• Indian billet export market muted: The Indian billet export market remained muted, with no fresh export tenders being heard floated over the last few days owing lower market expectations.
  
  
• Chinese billet prices rise w-o-w: Billet prices in Tangshan increased by RMB 30/t ($4/t) w-o-w to RMB 3,100/t ($426/t) on 13 December against 6 December. Prices include 13% VAT. Billet prices have been positively influenced by rising raw material and finished steel prices, stronger rebar futures, and improved trading activity. Meanwhile, SHFE rebar futures (May 2025 delivery) inched up w-o-w by RMB 49/t ($7/t) to RMB 3,360/t ($462/t) on 13 December against 6 December.