Weekly round-up: Global billet prices under pressure on weak global sentiments

Global billet prices remained under pressure this week. Falling scarp prices globally and low bids in recent export tenders weighed on billet prices.

Meanwhile, Turkiye's imported scrap prices tumbled w-o-w. According to SteelMint's latest assessment, HMS 1&2 (80:20) prices from the US edged down by $15/t w-o-w to $355/t CFR Turkiye.

Global billet market snapshots:

• Iranian billet export prices fall w-o-w: Iran's steel billet export market fell after the announcement of export duties earlier this week. Prices decreased by $10/t w-o-w to $473/t FOB. Weak market sentiments post-export duty imposition weighed on the billet export market, SteelMint notes. However, there are some unconfirmed reports of deals concluded at $473/t FOB for GCC.
  
  
• SE Asia's billet import prices dip: South East Asia's imported billet prices dipped this week. SteelMint's biweekly assessment of blast furnace (BF)-route billets (150×150 mm, 3SP) imported by the Philippines fell by $5/t to $515-520/t CFR Manila.
  
  
• Vietnam's billet export offers stable: Vietnam's BF-grade billet export offers fell by $5/t w-o-w to $515/t FOB.
  
  
• Thailand's imported billet prices range-bound: Imported billet prices into Thailand fell by $5-10/t w-o-w to around $510-515/t CFR.
  
  
• Chinese billet prices rise w-o-w: Domestic billet prices in China's Tangshan rose by RMB 40/t ($6/t) w-o-w to RMB 3,600/t ($501/t), including 13% VAT, on 21 July.