Weekly round-up: Global billet prices exhibit mixed trends w-o-w

• Fresh billet export tender absent due to holidays
  
  
• SE Asia billet offers recover on robust Chinese billet sentiment
  
  

Global billet prices exhibited mixed trends this week. Billet buyers remained cautious, as market participants have not floated tender in the global market. It is expected that billet prices may rise further in near future. Whereas, billet players are opting a wait-and-watch mode currently on hike in billet prices in South East Asia and China. Notably, in Iran, weak market sentiment were seen due to Eid holidays.

However, Turkish imported ferrous scrap market, activities also remained silent due to religious holidays. Turkish steelmakers mostly kept quiet with moderate activities this week due to Ramadan with trade recovery expected next week. According to BigMint, HMS 1 and 2 (80:20) prices from the US stood at the range of $380-384/tonne (t) CFR on 9 April,2024.

Market highlights:

• SE Asia billet import prices recover this week: SE Asia imported billet prices recovered this week on rising Chinese rebar futures and billet prices post-QingMing festival holidays influenced billet players to raise billet offers. As per sources, few billet import offers were also recorded at $515/t CFR Manila, this week. However, according to BigMint's bi-weekly assessment, billet import prices went up by $15/t w-o-w to $510/t CFR Manila on 12 April.
  
  
• Iranian billet export prices drop w-o-w: Iranian billet export prices dropped by $5/t w-o-w to $480/t FOB, according to BigMint's assessment. Sluggish market sentiment in billet export market was seen amid ongoing Iranian Eid holidays.
  
  
• Vietnam's billet export offers inch down w-o-w: Vietnam's billet export offers inched down by $5/t at the range of $500-505/t FOB this week.
  
  
• Chinese billet prices increase w-o-w: Notably, post-QingMing festival holidays, Chinese billet prices inched up by RMB 70/t ($10/t) w-o-w to RMB 3,410/t ($471/t) exw Tangshan on 12 April against 8 April. Rise in finished steel prices and rebar futures post-holidays have supported billet prices. Meanwhile, Chinese SHFE rebar futures recorded a hike of RMB 68/t ($9/t) w-o-w to RMB 3,628/t ($501/t) on 12 April against 8 March.