Global Billet Market Overview: Week 24, 2019

This was the consecutive week, in which Turkey's scrap import prices fell down by USD 8-10/MT and global billet market witnessed yet another dull week. Although it was not surprising for the marketers, the market acted exactly in line with the expected resonance

Veritably, the dullness intensity of the global billet market escalated this week, even the Eid festivity could not brought boon to the market.

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. The sentiments were reported stable in the region.

Iranian mills cut billet export offers: Iranian billet export market sentiments softened this week after the market resumed from Eid holidays. As expected, this week market sentiments were reported barely weak, the recent billet export offers says all. According to SteelMint sources, this week country’s billet export offers were reported to be USD 375/MT FoB, Iran for August shipments. Offers are expected to move down further in near short term.

South East Asia billet trades remain limited: The region’s billet import offers are assessed around USD 450-460/MT, CFR levels, marginally down against last week. Offers from CIS nations to Thailand were assessed around USD 450/MT, CFR Thailand and that to Philippines are learned around USD 455-460/MT, CFR Manilla.

India: SteelMint’s assessment for Indian billet exports for 150*150mm is assessed at USD 420-425/MT, FoB India. Vizag Steel ocean billet export tender for 50,000 MT is under negotiations.

Vietnam billet offers - This week Vietnam billet (130*130mm, 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.

China domestic billet prices fall: This week Chinese domestic billet prices settled at RMB 3,500/MT, down RMB 20 against last week. This week, billet trade sentiments in China reported weak.