Weekly round-up: Global billet prices show mixed trend in recent deals

Iranian billet export prices rose this week in a recent deal on the back of a recovery in global scrap prices. However, the Indian billet export market has remained less active in absence of deals and SE Asia's billet import prices witnessed a downward trend owing to the bid-offer disparity in the market.

Market highlights

• Indian mills eye higher billet prices: A few Indian mills have become slightly active in the export market. As per sources, Indian mills' expectations for recent billet export tenders are at around $610-620/t FOB. Meanwhile, State-owned Vizag Steel has floated an ocean sale export tender for 20,000 t of steel billets (90x90mm, C20MMn Gr. A). The due date for bid submission for the tender is 13 February and the delivery is scheduled for 25 March.
  
  
• Iranian billet export prices stable w-o-w: Iran's billet export market remained silent this week with a lesser number of firm offers in the market. Meanwhile, an Iranian mill concluded an export deal for 20,000 t of steel billets at around $560/t FOB for early-April shipment, sources informed. Global scrap price recovery, and limited export allocations amidst power curbs have kept billet export prices supported.
  
  
• SE Asia's imported billet prices drop: South-East Asia's imported billet market witnessed a few trade activities this week. In a recent deal heard, nearly 50,000 t of billet deals were concluded at $590-595/t CFR Manila, down $10/t w-o-w. Imported billet offers were heard at around $600-605/t CFR. However, bids are yet to improve as these stand at around $590-595/t CFR. SteelMint's bi-weekly assessment of BF-route billets (150x150mm, 3SP) imported by the Philippines currently stands at around $593/t CFR Manila, lower by $7/t w-o-w.
  
  
• Vietnam's billet export offers rise w-o-w: Vietnam's BF-grade billet export offers increased by around $20/t as against last week following a hike in the country's imported scrap offers as market activities in Vietnam have improved after the prolonged Tet festival holidays. Steel producers and workers are returning to the production facilities after the holidays. Current offers are at around $630/t FOB. However, no active deals have been reported so far for current offers.
  
  
• Thailand's imported billet prices unchanged: Imported billet prices in the country are hovering at around $620-640/t CFR.
  
  
• China's domestic billet prices edge down w-o-w: Steel billet prices in China's Tangshan inched down by RMB 20/t ($3/t) to RMB 3,790/t ($556/t), including 13% VAT, on 10 February. According to data maintained with SteelMint, China's SHFE rebar futures contract for May 2023 delivery closed at RMB 4,074/t ($598/t) on 10 February, an increase of RMB 19/t ($3/t), w-o-w.