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Weekly round-up: Global billet price trends (Week 41, 2024)

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BigMint Bureau

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11 Oct 2024, 18:40 IST

Weekly round-up: Global billet price trends (Week 41, 2024)

Global billet prices recovered as Chinese buyers have returned from the Golden Week holidays. Also, a billet export tender conclusion in the Middle East was witnessed this week. However, the absence of bids came to the fore in the Southeast Asia region.

The Turkish imported US-origin HMS (80:20) bulk scrap price index rose by $10/t w-o-w to $388/t CFR, as per BigMint's assessment. The market remained slow towards the second half of the week, despite steady demand for November shipments. Industry sources said that the most recent deals were concluded on 8 and 9 October. According to market participants, after a steady rise, Turkish scrap prices have stabilised with minimal fluctuations, as momentum from China shows signs of slowing. However, the ongoing tight supply may not fully meet demand, which could create upward pressure on prices.

Market highlights

SE Asia billet import market remain silent: The Southeast Asian billet market remained quiet this week due to the absence of buyers. BigMint's bi-weekly assessment of billets (150 x 150 mm, 3SP) imported by the Philippines increased by $25/t w-o-w, reaching $505/t CFR Manila on 8 October. However, towards the weekend, a drop in Chinese billet prices led to a decrease in imported offers, falling to $495/t CFR Manila.

Vietnam's billet export offers stable: Vietnam's blast furnace (BF) grade billet export offers remained stable w-o-w at $500/t FOB.

Thailand's billet import offers were recorded at $510-520/t CFR, up by $23/t w-o-w.

Iran's billet market witnesses tender conclusion: An Iranian steel mill has concluded an export tender for 30,000 t of billets and slabs at $465/t and $430/t FOB, respectively, for December, 2024 shipment, sources informed. Prices have risen by about $10/t w-o-w. Notably, Iran's semi-finished steel exports in H1 of the current Persian year (21 March, 2024-20 September, 2024) stood at 2.77 mnt, a decrease of 25% y-o-y, according to data from the Iranian Steel Producers Association (ISPA). As per BigMint's assessment, Iranian billet prices record at $465/t today, hiked by $11/t w-o-w.

China billet prices drop post holidays: Billet prices in Tangshan dropped by RMB 110/t ($16/t) to RMB 3,200/t ($453/t) on 11 October against 8 October. Prices include 13% VAT. The market remains volatile post the Golden Week holidays. However, SHFE rebar futures (January, 2025 delivery) stood stable at RMB 3,486/t ($494/t) today against 8 October.