Weekly round-up: Global billet prices remain stable w-o-w

The global billet market remained stable this week amid absence of tenders keeping prices unchanged in the global market. Recovery in Chinese billet prices was witnessed this week supporting prices despite lower bids in the global market.

The Turkish imported bulk ferrous scrap index remains largely stable w-o-w amid minor fluctuations with the market achieving a balanced price level. Sellers remained firm, while buyers were seen retreating. According to BigMint's assessment, US-origin HMS (80:20) bulk scrap stood at $370/tonnes (t) CFR and remained stable w-o-w.

Market highlights

• SE Asia import billet prices recover this week: Imported billet prices in Southeast Asia have recovered after falling early this week. Lower bids in global markets have kept prices under pressure. However, a recovery in Chinese billet prices and rebar futures was witnessed this week. BigMint's bi-weekly assessment of billets (150 x 150 mm, 3SP) imported by the Philippines remained at the range of $455-465/t CFR Manila, stable w-o-w.
  
  
• Vietnam's billet export offers stable w-o-w: Vietnam's blast furnace (BF)-grade billet export offers remained stable w-o-w at $465/t FOB. As per sources, in the domestic market, billet prices were at $480/t exw, which is higher than export prices, keeping trade activities lower.
  
  
• Thailand's billet import offers were recorded at $455-460/t CFR, slightly down by $8/t w-o-w.
  
  
• Chinese billet prices rebound w-o-w before holidays: Billet prices in Tangshan recovered by RMB 150/t ($21/t) w-o-w to RMB 2,910/t ($410/t) on 13 September which includes 13% VAT. Declining inventories amid active restocking before mid-Autumn festival holidays, rise in raw materials prices, finished steel prices and rebar futures have supported billet prices. SHFE rebar futures (January 2025 delivery) increased by RMB 159/t ($22/t) w-o-w to RMB 3,185/t ($449/t) on 13 September.
  
  
• Iranian billet prices remain unchanged w-o-w: Iranian billet prices remained unchanged this week amid absence of export tender. According to BigMint's latest assessment, Iran's billet (3SP) export prices remained stable at $465/t FOB on 13 September.
  
  
• Indian billet export market awaits tender outcome: The Indian billet export market is waiting for the conclusion of a billet tender for price clarity. State-owned Vizag Steel (RINL) had floated an ocean sale export tender for 30,000 t of blooms (prime continuously cast steel billets - 150x150 mm, 3SP/4SP) on FOB ST delivery basis against 100% advance payment terms. The last date for bid submission was 12 September and delivery is scheduled for 27 October.