Weekly round-up: Global billets market muted on limited deals

The global billets market remained silent this week in the absence of firm buying interest and witnessed limited deals. On the other hand, lockdown restrictions in some parts of the world due to rising Covid cases also kept the market silent.

This week's highlights:

• Indian mill concludes 30,000-t billet export tender: A state-owned Indian steelmaker floated an export tender for spot sale of 30,000 t of steel blooms (150x150mm, 3SP/4SP grade). The tender was floated against 100% advance payment terms with the due date being 2 Sept'21. The shipment is scheduled within 45 days from the export agreement. According to market sources, the deal was concluded at around $590-595/t FoB. Also, PSU steel major Steel Authority of India (SAIL) floated export tenders for 16,200 t of concast billets (4SP/5SP, 125mm) from Durgapur Steel Plant in West Bengal, as per latest reports. The cargo is scheduled for end-Oct'21 shipment with the tender due on 7 Sept.
  
  
• SE Asia imported billets market silent: The imported billets market in South East Asia remained relatively quiet this week, with limited deals. Current offers stand at $660-670/tonne (t) CFR Manila levels. However, the market seems to be silent as buyers' interest has been affected owing to extended lockdowns on rising Covid cases.
  
  
• Iran's billet export trade improves: Iran, one of the leading billet exporters, gradually resumed export bookings of the material after a gap of almost one month. It may be recalled that mills, plagued by limited allocations due to power outages, had almost fallen silent in terms of export offers. According to credible sources, an Iranian mill has concluded an export tender for 20,000 t of steel billets. The tender was concluded at around $620-625/t FoB Iran and the shipment is scheduled for Oct'21, sources confirmed.
  
  
• Vietnam's billet export offers stable: Vietnam's mills kept their billet export offers unchanged this week. BF-route billet export offers were heard at around $630/t FoB Vietnam. As per sources, no deals were heard to be concluded in the week due to prevailing holidays.
  
  
• Thailand's imported billet offers unmoved: Indicative imported billet offers into Thailand are hovering at around $650-660/t CFR from various origins, with no change w-o-w.
  
  
• Brazilian mill concludes 40,000-t billet export deal for China: A mill of Brazil origin has reportedly sold 40,000 t of steel billets to China at $668/t, CFR. The shipment is likely to be scheduled for end-Sep'21, credible sources informed SteelMint. Brazil's billet exports stood at 3.83 mn t in Jan-Jul'21, as per data compiled by SteelMint. The key importers of steel billets from Brazil were the United States, Canada and Argentina.
  
  
• China's domestic billet prices rise RMB 90/t w-o-w: Steel billet prices in China's Tangshan rose by RMB 90/t ($14/t) w-o-w. Domestic billet prices stood at RMB 5,040/t ($781/t), inclusive of 13% VAT. According to data maintained with SteelMint, China's rebar futures contract for Jan'22 delivery closed at RMB 5,408/t ($838/t) on 3 Sept'21, witnessing a sharp increase of RMB 186/t ($29/t) w-o-w.