Weekly round-up: Global billet prices remain subdued on limited export tenders

• Prices fall in SE Asia's imported billet market
  
  
• Export duty in Iran revised
  
  

Global billet prices stayed dull this week. Billet players are cautious about price trends and weak buying interest, resulting in absence of export tenders in the global market. Meanwhile, revision of export duty in Iran have contributed on lowering trade activities, as billet players are adopting a wait-and-watch approach to attain price clarity.

Market highlights:

• SE Asia billet import prices drop w-o-w: The Southeast Asian imported billet market remained dull this week. Billet import prices softened on lacklustre interest from buyers. Moreover, no fresh export tenders were floated this week. Sources informed, only one recent deal was concluded at $535/tonne (t) CFR Manila levels. According to BigMint's bi-weekly assessment, billet import prices fell by $2/t w-o-w to $538/t CFR Manila on 1 March 2024.
  
  
• Iran billet export prices remain stable w-o-w: Iran's billet export prices remained stable this week. According to BigMint's latest assessment, Iran's billet (3SP) export prices remained stable at $510/tonnes (t) FOB on 1 March, 2024. Billet players remained muted on export duty revision, whereas, absence of export tender in the region was witnessed. Market players are opting wait-and-watch mode to get clarity on impact of export duty imposition.
  
  
• Indonesian steelmaker Dexin Steel has kept its billet (3 SP) offer unchanged at around $520/t FOB, as per sources.
  
  
• Thailand's imported billet offers stood at $535-540/t CFR Thailand, a drop of $12-13/t w-o-w.
  
  
• Vietnam's billet export prices stood at $525-530/t FOB, recording a fall of around $5-10/t against last week. As per sources, export trade activities have weakened, whereas, in the domestic market few trades are happening.
  
  
• Chinese billet prices inched down by RMB 30/t ($4/t) to stand at RMB 3,520/t ($489/t) on 1 March against 23 February. Volatility in finished steel prices and rebar futures have weighed on billet prices. Meanwhile, Chinese SHFE rebar futures decreased by RMB 7/t ($1/t) to RMB 3,763/t ($523/t) today against 23 February.