Weekly round-up: Global billet prices remain range-bound

Global billet prices remained range-bound this week. With falling scrap prices globally, and a depreciating rouble, the market is uncertain, which kept billet offers under pressure.

Also, bid-offer disparities in recently floated billet export tenders have weighed on prices, SteelMint noted.

Meanwhile, Turkiye's imported scrap prices saw a marginal change w-o-w. According to SteelMint's latest assessment, HMS 1&2 (80:20) prices from the US edged down by $6/t w-o-w to $370/t CFR Turkiye.

Global billet market snapshot:

• Iranian billet export prices drop: Iran's steel billet export prices dipped $7/tonne (t) w-o-w to $483/t FOB. An Iranian steel mill has concluded an export deal for 30,000 t of billets at $483/t FOB, sources informed.
  
  
• SE Asia's billet import prices remain range-bound: South East Asia's imported billet prices remained range-bound this week. The market has remained slow in the absence of trade activities due to the bid-offer disparity. SteelMint's bi-weekly assessment of blast furnace (BF)-route billets (150*150 mm, 3SP) imported by the Philippines stood at $520-525/t CFR Manila.
  
  
• Vietnam's billet export offers stable w-o-w: Vietnam's BF-grade billet export offers remained stable w-o-w at $520/t FOB.
  
  
• Thailand's imported billet prices range-bound: Imported billet prices into Thailand remained range-bound w-o-w to stand at around $515-520/t CFR.
  
  
• Indian billet ocean export market subdued: Recent Indian billet export tenders received lower bids and were cancelled, highlighted sources. Higher domestic realisations in finished steel and bid-offer disparities have resulted in the absence of active trade. Expectations were higher by $25-30/t than received bids, SteelMint noted.
  
  
• Chinese billet prices rise w-o-w: Domestic billet prices in China's Tangshan rose by RMB 10/t ($1/t) w-o-w to stand at RMB 3,560/t ($499/t), including 13% VAT, on 14 July. An improved demand in the domestic market, recovery in rebar futures and finished steel prices have supported billet prices. Rebar futures for October 2023 contract on the Shanghai Futures Exchange (SHFE) increased by RMB 103/t ($14/t) w-o-w to RMB 3,774/t ($529/t) on 14 July.