Global Billet Market Overview: Week 18, 2019

This week global billet market observed limited trades amid ongoing holidays in major countries. The market remained abuzz with news of US sanctions announcement on oil purchasing from Iran.

Billet trade activities from CIS nations remain slow: The CIS export billet market witnessed a dull start in May which was primarily due to the May holiday lull. Also, most producers sold all their May-rolling volumes in April. According to sources, a Ukranian billet export offers were assessed stable at USD 420-425/MT, FoB Black Sea.

US sanctions weigh down Iran billet market sentiments: This week billet export offers from Iran are reported to be USD 380/MT, FoB. The sources reported about the deal which happened this week. 20,000 MT billet was booked for export by a major Iranian mill at USD 380/MT, FOB. According to sources, the billet market in Iran is expected to remain dull for some time, due to U.S sanctions on oil purchasing from Iran.

India's SAIL issues billet export tender: Steel Authority of India, a government of India company has floated export tender for 16,200 MT billet 150*150 mm offered from its Bhilai Steel plant and has following specifications - C-0.17-0.23%, Mn-0.50-0.90%, S-0.05% max, P-0.05% max and Si - 0.15-0.35%. Due date for bid submission is 18:00 hrs as per IST on 13 May’19.

Vizag Steel cancels billet export tender on limited participation: The Rashtriya Ispat Nigam Limited (RINL), a state-owned steel maker under the Indian Steel Ministry had floated an export tender for 30,000 MT billets. The material offered was in 3 lots of 10,000 MT each of sizes 90*90mm,77*77mm and 65*65mm. The bid submission due date was 26 Apr’19 with offer validity till 3rd May’19. The material shipment was scheduled to take place ill 31 May’19. According to market sources report to SteelMint, tender was cancelled due to low participation.

Vietnam's billet offer from Formosa: Formosa Ha Tinh Corporation (FHS), the largest crude steel manufacturer of the country has revealed the billet export offer on 20 Apr’19. The price offered by the company was reported to be USD 461/MT, FoB. A month billet offers were at USD 465.6/MT, FoB.

Chinese domestic billet prices stable amid holidays: The ex-factory price of general carbon billet in Tangshan,Changli and Qian’an was settled at RMB 3,570/MT ex-Tangshan. The billet transactions were plain, and the prices of finished products tend to move up. However amid holidays, trades remained slow in 2nd half of the week.