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Weekly round-up: Global billet prices exhibit diverse trends

The global billet market remained sluggish on mixed sentiments. Despite an increase in global ferrous scrap prices leading to higher imported offers for Southeast Asia, t...

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13 Jan 2024, 17:02 IST
Weekly round-up: Global billet prices exhibit diverse trends

The global billet market remained sluggish on mixed sentiments. Despite an increase in global ferrous scrap prices leading to higher imported offers for Southeast Asia, the global market remained inactive due to lackluster activities and the absence of export tenders.

Meanwhile, Turkiye's imported scrap prices have risen this week. According to SteelMint, HMS 1&2 (80:20) prices from the US stood at $425/tonne (t) CFR, a rise of $4/t w-o-w.

Market highlights:

  • SE Asia billet import offers rise w-o-w: Southeast Asia's imported billet offers rose this week. Billet import offers for 5 SP grade were heard at around $550-565/t CFR Manila, up by $10-15/t w-o-w. Meanwhile, bids for 5 SP was around $540/t CFR, on 12 January.

  • Thailand's imported billet offers rise w-o-w: Imported billet offers from the ASEAN region into Thailand were recorded at $545-550/t CFR.

  • Iranian billet export market lacks clarity on uncertainty over duties: Iran's billet export market was sluggish owing to dull export trading this week. Recently, billet exporters were preferring to opt for a wait-and-watch mode, as the Iranian government may minimise the export duty on semi-finished products, including billets and slabs - from 2% to 1% in the near future. Meanwhile, in the domestic market, gas shortage issue during winter continued to impact production. An Iranian steel mill has concluded an export tender for 30,000 t of billets, sources informed. The deal was heard concluded at around $487-488/t FOB.

  • Chinese billet prices fall w-o-w: Chinese billet prices fell by RMB 60/t ($8/t) w-o-w to RMB 3,600/t ($506/t) on 12 January against 5 January. Volatile sentiments from rebar futures, finished steel and raw material prices have put pressure on billet prices. Meanwhile, Chinese SHFE rebar futures inched down by RMB 77/t (11/t) w-o-w to RMB 3,902/t ($589/t) today.

13 Jan 2024, 17:02 IST

 

 

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