Weekly round-up: Global billet prices trend higher w-o-w; Iran lone exception
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- Iranian billet export tender concluded at lower price level
- Chinese billet prices continue to rise
Global billet prices increased this week, except Iran. Billet players remained cautious over tough situation in Iran. Lower buying interest from billet buyers in the global market is seen. However, billet players are opting a wait-and-watch mode recently on rise in billet offers in South East Asia and China.
Market highlights:
- SE Asia billet import offer rise w-o-w: SE Asia imported billet prices strengthened this week. As per sources, billet import offers have risen to $530/tonnes (t) CFR Manila this week, however, trades are yet to be seen. BigMint's assessment for 150*150mm, 3 SP billets was recorded at $515/t, CFR Manila, up by $5/t w-o-w.
- Iranian billet export prices drop w-o-w: The Iranian billet export prices dropped this week. Billet players were seen being cautious because of the uncertain situation arising in the exports market due to ongoing war situation. However, some Iranian mills were seen floating export tenders this week. Some billet offers were recorded at around $480-490/t FOB Iran, sources informed BigMint.Iranian mill Chadormalu Mining had concluded an export tender of 30,000 t of billets at $471/t FOB Iran. The delivery is scheduled for end-May, as per sources. Additionally, Khouzestan Steel Complex (KSC) has floated an export tender of 30,000 t of billets and 50,000 t of slabs. The due date for the export tender is on 24 April, and the shipment is scheduled in early June, BigMint learnt.
- Vietnam's billet export offers remain rangebound w-o-w: Vietnam's billet export offers remained rangebound at $505/t FOB this week.
- China's billet prices rise by RMB 80/t ($11/t) w-o-w: Chinese billet prices rose w-o-w by RMB 80/t ($11/t) to RMB 3,490/t ($492/t) on 19 April. Increase in raw material, finished steel prices, rebar futures along with better steel margins have kept billet prices supported. Meanwhile, Chinese SHFE rebar futures increased w-o-w by RMB 47/t ($7/t) to RMB 3,675/t ($518/t) on 19 April.
