Weekly round-up: Global billet prices lack clarity, deals muted
Indian billet exporters await return of Chinese buyers: The Indian billet exports market continued to remain quiet amid the China Golden Week holidays. Recently-held bill...
- Indian billet exporters await return of Chinese buyers: The Indian billet exports market continued to remain quiet amid the China Golden Week holidays. Recently-held billet tenders were heard to have fetched subdued participation and hence were cancelled. SAIL floated an export tender for around 16,200 tonnes (t) of prime mild steel non-alloy concast billets from its Durgapur Steel Plant (DSP) in West Bengal. The cargo is scheduled for end-Nov'21 shipments. Buyers have to quote bids on SAIL's website latest by 16:00 IST on 11 Oct'21. The offer is valid up to 17:00 IST of 14 Oct.
- SE Asia's imported billets market lacks clarity: South East Asia's imported billet prices remained supported this week. However, not many deals were recorded. SteelMint's latest bi-weekly assessment of imported billet offers from South East Asia stood unchanged at $690/t, CFR Manila.
- Iran's billet exports market inactive: The Iranian market was waiting for Chinese buyers to return to get clarity. Meanwhile, no export deal was concluded this week. However, Khouzestan Steel Company (KSC), Iran's leading steel exporter, floated an export tender for 40,000 tonnes of steel billets this week. The shipment is likely to be scheduled for mid-Nov'21.
- Vietnam billet export offers up sharply: Vietnam's billet export offers rose this week. According to SteelMint sources, BF-route billet offers stood at $730/t, FOB Vietnam, up by $40/t on a weekly basis. Also, IF-route billet export offers increased by $40/t w-o-w to $725/t FOB. However, no deals were heard to have been concluded this week as the market awaited clarity on prices post-the Chinese holidays.
- Thailand's imported billet offers range-bound: Indicative imported billet offers into the country were hovering in the range of $690-700/t CFR.
- China's domestic billet prices rise post-holidays: Steel billet prices in China's Tangshan rose by RMB 80/t ($12/t) on 8 Oct'21 as the market opened after the Golden Week holidays. Prices of domestic billets stood at RMB 5,290/t ($820/t), inclusive of 13% VAT. China's rebar futures contract for Jan'22 delivery on SHFE closed at RMB 5,750/t ($891/t) on 8 Oct'21, increasing by RMB 44/t ($7/t) against the closing on 30 Sept.
