Global Billet Market Overview: Week 23, 2019

This week global billet market remained silent amid Eid holidays. Even the post festivity is not expected to defeat the weak billet export market sentiments, amid weakening global scrap prices. Imported scrap prices in Turkey have inched down in absence of trades. SteelMint’s assessment for US origin HMS (80:20) is at USD 300/MT, CFR towards weekend.

Offers from CIS nations witnessed stable: CIS nations billet export offers remained unchanged this week and are reported at USD 425-430/MT, FoB Black Sea. This stability in the offers is primarily due to the Eid festivity.

Iranian billet export trades remained silent this week: In recent, in recent, one of the leading billet producer of the country offered 30,000 MT billets at USD 390/MT FoB. The shipment is scheduled for end Jun’19. The sentiments are expected to get weaken after the holidays. The clues can be witnessed by some Aug’19 shipment offers. In recent, some of the billet producers of the country have floated the offers at USD 380/MT FoB, for August sources reported to SteelMint.

Vietnam billet offers - This week Vietnam billet (130*130 mm, 5 SP grade) offers were reported to be USD 460/MT, CFR Manila. The billet export trade sentiments are reported stable this week in Vietnam.

India: SAIL cancels billet export tender - Steel Authority of India - a government of India Company has cancelled billet export tender, floated last week. The bidders could not match the company's expectations, sources reported to SteelMint. As per sources the tender received participation from three companies with highest bid around USD 430/MT, FoB but the company was expecting around USD 435-440/MT, FoB levels.

Vizag Steel Invites Export Tender for Billet: Rashtriya Ispat Nigam Limited (RINL), a state owned steel maker under the Ministry of Steel, has invited a tender for export of 30,000 MT Billets and 20,000 MT Bloom. Last date for bids submission is 11 Jun’19 by 15:00:00 HRS. The shipment is scheduled for 15 Jul’19. The offer given by the bidder will be valid till 18June’19.

China domestic billet prices fall: This week Chinese domestic billet prices settled at RMB 3,520/MT, down RMB 40 against last week. This week, billet trade sentiments in China reported weak.