SE Asia: Billet import prices continue to go south

SE Asia imported billet market remained silent this week, ahead of Chinese New-Year holidays supported by down-trending global scrap prices. The buyers preferred staying in a wait-watch mode, anticipating prices to fall. On the other hand, sellers and traders are expecting prices to rise, post the Chinese New-Year holidays. The buyers' anticipation versus sellers' expectation has sustained the bid-offer disparity leading to limited trades. The imported billet offers were hovering at $545-555/t, CFR Philippines, while bids were ranging between $520-530/t, CFR.

Deals and offers:

Indian billet export prices fall in the recent tender: Indian billet export prices witnessed a further drop in a recently hosted tender by a state-owned mill. According to SteelMint sources, the mill reported having concluded the tender at $520-525/t, FoB India levels, down by around $15 against last week's tender. The private primary mills broadly remained silent, while secondary mills' offerings saw a sharp w-o-w drop.

Another spot bloom export tender that expired yesterday received no response. Sources highlighted that the base price was kept around $518-520/t FoB.

SteelMint's bi-weekly assessment for Indian billets (150*150mm, BF route, FoB East coast) is currently at $520-525/t, down by $10-12 against last week.

CIS- This week, CIS offers witnessed a marginal fall of $5 and are currently at $545/t, FoB Black Sea.

Iranian billet export trades subdued: Iranian billet export prices witnessed a drop for the second consecutive week amid falling global scrap prices. However, no deals were concluded at the revised offerings. SteelMint's bi-weekly assessment for Iranian billets is $520-525/t, down by $10-15/t against last week.

Vietnam billet export offers down by $30-35 w-o-w- Vietnamese billet export offers witnessed a sharp drop of $30-35/t this week. The BF route billets were being offered at $530/t, FoB, while the IF route was at $520/t, FoB Vietnam.

Thailand’s billet import price falls- The imported billet offers in the country were ranging from $550-560/t, CFR, down by $10-15 w-o-w, while bids were heard at $545/t, CFR levels.

We have also heard of Chinese billets being offered in the Philippines. However, we could not confirm this offer until the publishing time of this report.

This week, SteelMint assessment for billet imports in SE Asia is $540-550/t CFR, down by $15-20 w-o-w.