Weekly round-up: Global billet prices stay supported despite subdued trade

• Iran reduces export duty on semis
  
  
• SE Asian import market remains inactive
  
  
• Chinese billet prices stable w-o-w
  
  

In the world market, billet prices have maintained their momentum this week. Many market players were inactive amid the ongoing Lunar New Year holidays in China, resulting in dull trade activities. The reduction of export duty in Iran nudged players to remain active in the export markets.

Market highlights:

• Iranian billet export prices rise: Iran's billet export prices have increased in recent export deals. Bids received for export tender were at higher levels. An Iranian steel mill concluded an export tender for 30,000 t of billets, sources informed. The deal was heard concluded at $510/tonnes (t) FOB for mid-April, 2024 delivery. According to BigMint's latest assessment, Iran's billet (3SP) export prices inched up by $10/t w-o-w to $510/t FOB on 6 February. In a major development, the Iranian government has announced new rates of export duties for semi-finished steel (billet and slab- 1%), DRI- 12% and raw materials (pellet- 1% and concentrate- 5%).
  
  
• SE Asia billet import prices stable w-o-w: The Southeast Asian imported billet market remained inactive this week, with no offers due to the ongoing Lunar New Year holidays and subdued sentiment in the longs sector. Globally, there was subdued buying interest, leading to reduced offers and billet buyers adopting a wait-and-watch approach. According to BigMint's bi-weekly assessment, imported billet prices remained stable w-o-w at $545/t CFR Manila.
  
  
• Thailand's imported billet offers range-bound: Imported billet offers from the ASEAN region into Thailand remained range-bound at $545-550/t CFR.
  
  
• Indonesian billets offers remained range-bound w-o-w at $525-530/t FOB.
  
  
• Chinese billet prices unchanged w-o-w: Chinese billet prices remained unchanged w-o-w at RMB 3,550/t ($499/t) on 9 February. Stability in finished steel prices and weak market sentiment during the Lunar New Year holidays have contributed to prices remaining stable. However, Chinese SHFE rebar futures increased by RMB 29/t ($4/t) w-o-w to RMB 3,854/t ($541/t) today.