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Weekly round-up: Global billet prices fall w-o-w on absence of trade

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BigMint Bureau

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9 Mar 2024, 16:17 IST

Weekly round-up: Global billet prices fall w-o-w on absence of trade

Lacklustre buying interest in the global market

Billet players remain cautious on export tenders

Global billet prices declined this week on dull buying interest from the market participants in the global market. As billet players have preferred to wait-and-watch price trends and remain cautious to float billet export tenders. Trade volumes have been lowered, whereas, revision of export duty in Iran have also played a vital role to weigh on billet prices.

Meanwhile, imported scrap prices in Turkiye fell sharply this week due to downward trends in supplier markets, contributing to surge in billet prices. Weak expectations for domestic settlements in the US and ongoing declines in European collection costs intensified the bearish sentiment, followed by uncertainty over the short term. According to BigMint, HMS 1&2 (80:20) prices from the US stood at $374/tonnes (t) CFR on 8 March,2024, recording a significant drop of $21/t w-o-w.

Market highlights:

SE Asia billet import prices fall w-o-w: The Southeast Asian imported billet market remained lacklustre this week. Whereas, billet importers are exhibiting minimal interest, which have contributed to lower billet prices and absence of fresh export tenders were witnessed this week. According to BigMint's bi-weekly assessment, billet import prices dipped by $3/t w-o-w to $535/t CFR Manila on 8 March 2024.

Iran billet export prices dip w-o-w: The Iranian billet export market remain subdued this week. Players were inactive due to uncertainty post-the export duty revision. According to BigMint's latest assessment, Iran's billet (3SP) export prices inched down by $4/t w-o-w to $506/t on 8 March, 2024. As per sources, an Iranian mill concluded its 30,000-t billet export tender at $507/t FOB. This tender was floated before the export duty revision, BigMint noted.

Thailand's imported billet offers inch down w-o-w: Thailand's imported billet offers stood at $535/t CFR Thailand, a drop of $2-3/t w-o-w.

Chinese billet prices decline w-o-w: Chinese domestic billet prices dipped w-o-w by RMB 60/t ($8/t) to RMB 3,460/t ($481/t) on 8 March, 2024. Drop in rebar futures, finished steel prices, and volatility in raw material prices have put pressure on billet prices. Meanwhile, Chinese SHFE rebar futures sharply decreased by RMB 72/t ($10/t) w-o-w to RMB 3,691/t ($514/t) on 8 March, 2024.