Weekly round-up: Global billets offers remain supported, trades slow down

Global billets offers remained supported this week on a sharp rise in Chinese rebar futures. However, trades slowed down on bid-offer disparities. According to the data maintained with SteelMint, China's SHFE rebar futures contract for Oct'22 delivery closed at RMB 5,160/t ($811/t) on 1 April, a sharp rise of RMB 147/t ($23/t), w-o-w.

Market highlights

• Indian ocean billets export trades muted: The Indian billets export market remained subdued last week amidst bid-offer disparities as no significant deals were reported. Owing to production-related issues at a couple of key primary mills, export allocations remained low. As per reports, thousands of workers from state-owned SAIL, RINL and NMDC joined the two-day nationwide strike on 28-29 March, which also impacted production volumes. SteelMint's bi-weekly price assessment for Indian billet export (150*150mm, 3SP/4SP, BOF route) stood at around $750-770/tonne (t) FOB on 1 April, down $5/t, w-o-w.
  
  
• Iran's semis export prices rise after Nowruz holidays: Iran's semi-finished steel export prices rose sharply as some deals were reported at high offers. Slab export deals remained strong, although billets mills are likely to open offers next week. Prices for both steel billets and slabs have witnessed an upward trend amid strong global steel prices and supply concerns. An export deal for 50,000 t of steel slabs was heard concluded at around $750/t FOB earlier this week for Southeast Asia; the shipment is scheduled for April. SteelMint's assessment of Iran's billet (3SP) export prices stood at $690/t FOB on 1 April.
  
  
• SE Asia billets import offers remain supported: South East Asia's imported billets prices remained supported this week mainly on account of firm Chinese offers amid the absence of offers from the CIS countries. SteelMint's bi-weekly assessment of billets (150*150mm, 3SP) imported into the Philippines currently stands at around $810-820/t CFR Manila, largely stable on the week.
  
  
• Thailand's imported billets prices largely stable: Indicative imported billets prices into the country from China and Indonesia hovered at around $820/t CFR.
  
  
• China billets export offers up: Chinese mills are reportedly active in steel billets exports at comparatively lower offers to Southeast Asia and the East Asian countries at around $800/t FOB, as per market sources. However, no significant deal has been reported recently after deals were concluded at $780/t FOB last week.
  
  
• China's billets prices edge up towards the weekend: Steel billets prices in China's Tangshan witnessed a significant rise of RMB 60/t ($9/t) w-o-w. Prices stood at RMB 4,860/t ($764/t), inclusive of 13% VAT, on 1 April.