Weekly round-up: Global billet prices muted in absence of trade

Global billet prices remained muted this week. No tenders were floated due to prevailing bid-offer disparities and offers in the global market were subdued on weak sentiment.

Turkiye's imported scrap prices inched down this week. According to SteelMint's latest assessment, HMS 1&2 (80:20) prices from the US stood at $374/t CFR Turkiye.

Global billet market snapshots:

• Iranian billet export prices firm w-o-w: Iran's steel billet export market is silent as producers seem to be in a wait-and-watch mode. Tender trade in the market is absent due to bid-offer disparities as producers are targeting higher bids. SteelMint's latest assessment of Iran's billet (3SP) export prices remained stable w-o-w at $473/t FOB on 22 September, 2023. Iran's leading steel mill, KSC, has floated a tender for slab exports, however, it is yet to be concluded.
  
  
• SE Asia billet prices stable w-o-w: Southeast Asia's imported billet market was firm this week. Suppliers of the region were aggressive in the beginning of the week on rising production costs but no tender was floated in the region, SteelMint notes. Price indications have remained range-bound at $510-515/t CFR Manila.
  
  
• Vietnam's billet export offers stable: Vietnam's BF-grade billet export offers stood at $495/t FOB, stable w-o-w.
  
  
• Thailand's imported billet prices range-bound: Imported billet prices into Thailand remained range-bound w-o-w at $505-510/t CFR.
  
  
• Chinese billet prices drop: Chinese billet prices have declined throughout the week. Prices decreased by RMB 40/t ($3/t) w-o-w to RMB 3,530/t ($490/t) on 22 September.