Weekly round-up: Global billet prices remain range-bound in absence of active trade, except Iran
Global billet prices remained range-bound this week. In the meantime, billet offers in the global market were increased on high demand. However, no deal was heard in the ...
Global billet prices remained range-bound this week. In the meantime, billet offers in the global market were increased on high demand. However, no deal was heard in the billet market.
Meanwhile, Turkiye's imported scrap prices rose this week. According to SteelMint's latest assessment, HMS 1&2 (80:20) prices from the US stood at $376/tonnes (t) CFR Turkiye, up by $2/t. Turkish steel manufacturers have reentered the scrap market with quick transactions, sealing three noteworthy deals. Just yesterday, they concluded a total of 5 to 6 transactions, with three originating from the US and the remainder from northern European regions. In the coming days, there is an anticipation that prices in Turkiye may reach $380/t, according to market participants.
Global billet market snapshots:
- Iranian billet export prices fall: Iran's steel billet export market is attentive to tax swings. SteelMint's latest assessment of Iran's billet (3SP) export prices showed a decrease of $10/t w-o-w to $465/t FOB on 7 September, 2023. The billet export market observed adequate trading activity this week, SteelMint noted. A 30,000 t billet export tender by an Iranian mill was concluded at $465/t FOB, likely for Southeast Asia.
- SE Asia billet prices remain stable w-o-w: Southeast Asia's imported billet market remained weak with buyers anticipating a downfall in the near future. Bids have remained stable at $510-515/t CFR. As per sources, 5 SP billet cargo was sold at $512/t CFR in this week. Export offers of blast furnace (BF)-route billets (150*150 mm, 3SP) imported by the Philippines remained range-bound at $515-520/t CFR Manila.
- Vietnam's billet export offers rise w-o-w: Vietnam's BF-grade billet export offers stood at $510/t FOB, up by $20/t w-o-w.
- Thailand's imported billet prices stable: Imported billet prices into Thailand remained stable w-o-w at $510-515/t CFR.
- Chinese billet prices fall w-o-w: Chinese billet prices reflected variations throughout the week. Prices decreased by RMB 20/t ($3/t) w-o-w to RMB 3,550/t ($484/t) on 8 September.