Weekly round-up: Global billet prices under pressure amid weak market sentiments

Negative sentiments continued to prevail this week in the global billet market. Global billet prices are under pressure due to factors such as falling global scrap prices, bid-offer disparities, sluggish demand in the finished steel sector, and market participants adopting a wait-and-watch approach amid expectations of further price cuts.

Market highlights

• Indian billet export market at standstill: Workable prices of Indian billets for export stood at around $560/t FOB this week, a fall of around $32/t, w-o-w. However, buyers are still resisting current prices.
  
  
• Iran's billet export prices fall: An Iranian steel mill has concluded an export deal for 30,000 t of billets at around $515/t FOB for end April-early May shipment, sources informed. Prices have fallen significantly by around $15/t against the beginning of this week. Meanwhile, an export deal for 30,000 t of slabs was reported at around $525/t FOB. SteelMint's latest assessment of Iran's billet (3SP) export prices stood at around $520/t FOB on 11 April, a significant fall by $40/t, w-o-w.
  
  
• SE Asia's imported billet prices fall: Imported billet prices in South East Asia saw a downtrend this week. SteelMint's bi-weekly assessment of BF-route billet (150x150mm, 3SP) imported by the Philippines currently stood at $560/t CFR Manila, a decrease of around $13/t w-o-w.
  
  
• Vietnam's billet export offers unchanged: Vietnam's BF-grade billet export offers remained unchanged at $530/t FOB due to limited demand. No active deals were reported on these offers.
  
  
• Thailand's imported billet prices drop w-o-w: Imported billet prices into Thailand were hovering at around $570-580/t CFR, a w-o-w decrease of around $10/t. However, no trade was reported at these prices.
  
  
• Chinese billet prices decline w-o-w: Domestic billet prices in China's Tangshan fell w-o-w by RMB 60/t ($9/t) to RMB 3,740/t ($544/t), including 13% VAT, on 14 April. Volatility in rebar futures and finished steel prices weighed on domestic billet prices.