Weekly round-up: Global billet prices remain stable on CNY holidays
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- Global billet market remains silent
- Lacklustre trade activities on weak market sentiments
Global billet prices remained stable in the same level as previous week. Billet players are inactive on weak market sentiment and on ongoing Lunar New Year holidays in China, BigMint noted. Active trades are absent in the global market. Trades will be floated post holidays.
Market highlights:
- SE Asia billet import market remains quiet: The Southeast Asian imported billet market remained silent this week, as mill players are inactive in the region as they are busy in ongoing CNY holidays. The market will resume from Monday post-Lunar New Year holidays. According to BigMint's bi-weekly assessment, billet import prices inched down to $540/tonnes (t) CFR Manila. Sources informed, Russian billet players offered $540/t CFR, yet no deal concluded.
- Iranian billet export prices remain stable w-o-w: Iran's billet export prices remained stable w-o-w. Absence of trade activities on weak market sentiment. According to sources, some billet players have offered at higher levels at around $515/t FOB, no deal concluded at bid-offer disparity. According to BigMint's latest assessment, Iran's billet (3SP) export prices remained stable at $510/t FOB on 16 February, 2024.
- Thailand's imported billet offers remain unchanged w-o-w: Imported billet offers from the ASEAN region into Thailand remained at previous levels, i.e. $545-550/t CFR.
- Chinese billet market closed: Chinese billet prices stood at RMB 3,550/t ($499/t) on 9 February. Additionally, Chinese SHFE rebar futures stood at RMB 3,854/t ($541/t) on 9 February. Notably, the Chinese market is closed on Lunar holidays, which will probably resume in the next week.
