Weekly round-up: Global billets market remains weak amid thin trading

The global billets market witnessed dull sentiments this week due to bid-offer disparities and the absence of firm buying interest in key importing countries due to weak finished steel demand.

However, prices have remained supported amid hike in global scrap prices, with the rise in Turkiye's imported scrap prices by around $2/tonne (t) w-o-w.

Market highlights

• Indian mills active in export market: A state-owned steelmaker floated an export tender for spot sale of 30,000 t of steel blooms (BF-route, 150x150mm, 3SP/4SP grade). The tender was floated against 100% advance payment terms. According to sources, the deal was concluded at $600-605/t FOB at the beginning of this week. Meanwhile, another ocean sale export tender for 30,000 t of steel blooms (150x150mm, 3SP/4SP) has been floated on FOB ST delivery against 100% advance payment terms. The last date for bid submission is 23 March, 2023 and the delivery is scheduled for 15 May. SteelMint's latest assessment of India's billet (150*150 mm, 3SP/4SP) export prices stood at around $607/t FOB on 17 March, up by around $5/t w-o-w.
  
  
• Iranian billet export market less active: Iran's billet export market has remained inactive amid the New Year holidays in the country, although prices remained supported. SteelMint's latest assessment of Iran's billet (3SP) export prices stood at around $573/t FOB on 17 March, a marginal increase of $2/t w-o-w.
  
  
• SE Asia's imported billets trade remains sluggish: South East Asia's imported billets market remained silent on low buying interest amid subdued finished steel demand in the region as well as bid-offer disparities. Offers are still at high levels of $645/t CFR Manila. However, bids still remain at around $620/t CFR Manila, sources informed. SteelMint's bi-weekly assessment of BF-route billets (150x150mm, 3SP) imported by the Philippines currently stands at around $635/t CFR Manila, an increase of around $6/t w-o-w.
  
  
• Vietnam's export offers up w-o-w: Vietnam's BF-grade billet export offers increased w-o-w following a rise in imported scrap prices in the region. Current offers stood at $650/t FOB, an increase of around $10/t, w-o-w. However, no active deals were reported at current offers.
  
  
• Chinese billet prices fall towards the weekend: Billet prices in China's Tangshan fell by RMB 30/t ($4/t) to RMB 4,000/t ($581/t), including 13% VAT, on 17 March. Decline in futures throughout the week weighed on billet prices. According to data maintained with SteelMint, China's SHFE rebar futures contract for May delivery closed at RMB 4,262/t ($619/t) on 17 March, a significant fall of RMB 52/t ($8/t) w-o-w.