Weekly round-up: Global billet prices remain subdued w-o-w; China bucks trend

• SE Asia billet prices dull amid sluggish demand sentiments
  
  
• Volatile finished prices, rising futures support Chinese billets
  
  

Global billet prices remained subdued this week. Significantly, billet players are inactive in the global market, resulting in the absence of trade. Billet offers have softened on lower buying interest due to weak market sentiments. However, Chinese billet offers have regain momentum on improving finished steel prices and rebar futures.

Notably, Turkish imported ferrous scrap prices inched up slightly as sellers anticipated a restocking surge. Despite a brief market pause, the bullish sentiment was revived by Turkiye's leading steelmaker, which slashed its rebar list prices, driving up demand. BigMint's assessment for US-origin HMS (80:20) bulk scrap stood at $386/tonnes (t) CFR on 22 March, and witnessed a hike of $8/t from last week.

Market highlights

• SE Asia billet import prices drop w-o-w: Southeast Asian imported billet prices have declined on lower buying interest from market participants. Notably, billet importers have witnessed weak steel market sentiments pressurising down semi-finished demand globally. In addition, bid-offer disparities were also noted this week in the global market. According to BigMint's bi-weekly assessment, billet import prices dipped by $10/t w-o-w to $515/t CFR Manila on 22 March 2024.
  
  
• Thailand's imported billet offers fall w-o-w: Thailand's imported billet offers stood at $510-520/t CFR Thailand, dropping by around $15-20/t w-o-w.
  
  
• Indonesian billet offers inch down w-o-w: Indonesian steelmaker Dexin Steel dropped its billet (3 SP) offers by $15/t w-o-w to around $500/t FOB, as per sources.
  
  
• Vietnam's billet export offers remain unchanged w-o-w: Vietnam's billet export offers remained stable at a range of $505-510/t FOB this week. In the domestic market, billet prices have been recorded at around $485/t exw, sources informed.
  
  
• Chinese billet prices rise w-o-w: Chinese billet prices rose by RMB 100/t ($14/t) w-o-w to RMB 3,410/t ($472/t) on 22 March against 15 March. Rise in raw material and finished steel prices, decreasing inventory pressure and recovery in demand supported billet prices. Meanwhile, Chinese SHFE rebar futures edged up by RMB 122/t ($17/t) w-o-w to RMB 3,612/t ($500/t) on 22 March against 15 March.