Global Billet Market Overview: Week 36, 2019
This week global billet market witnessed less trades with a few deals in Middle East from CIS. Rest all prime markets remained silent. Sharp plunge in global scrap prices turned market sentiments gloomy in global billet market.
Amid dull domestic demand and surplus inventory, India has become quite exertive in the export market which is increasing imbalance between buying interest and offers with every single day. Also, drop in Turkey’s scrap import prices has triggered the situation. The Turkish scrap import prices now stands at over 2 years low.
Billet export offers from CIS drops further- This week billet export assessment from CIS nations stands at USD 365-375/MT, FoB Black Sea, down USD 20-22 against last week. The market sentiments were reported weak in the region. Although, one deal from the region to Middle East of quantity USD 50,000 MT is reported to conclude at USD 373/MT, FoB, Black Sea. However, the buying interest further moved down by USD 5-10 /MT.
SE Asia billet market: The SE Asia’s current billet import indication is at around USD 410/MT, CFR levels. The disparity intensity; between buying interest and offers, is increasing in the region with every passing day.
Iranian billet export offers reported stable; bids drop- The Iranian billet export market remained quiet this week as well. However, billet export offers from the country are standing still at USD 370-375/MT, FoB identical as last week.
Although, SteelMint sources reported, a major Iranian mill is under negotiations for an export deal. However, the buying interest is at slightly underneath USD 370/MT, FoB. Although, Iranian marketers are resisting the further price decrease and are in no rush to close new deals at this price levels as majority of the Iranian mills are booked till Oct’19.
Vietnam billet offers - This week Vietnam’s domestic billet offers are at USD 450/MT, identical as last week. Amid lower prices in exports, mills were heard preferring selling billets in domestic market. The marketers believe, they cannot compete with Indian origin billets and hence focusing on the domestic market and marketers are enjoying the local prices.
China domestic billet prices rose by RMB 60/MT- This week Chinese domestic billet prices in Tangshan settled at RMB 3,360/MT, up RMB 60 against last week. This week, billet trade sentiments in China were reported strong in the region.
Assessment of US-origin HMS 1&2 (80:20) scrap has moved down to USD 252/MT, CFR Turkey, down USD 18/MT against last week’s report. While assessment of European origin HMS 1&2 (80:20) currently stands at USD 247/MT, CFR Turkey.
source: SteelMint
Top News
Six last month
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Gold loses some luster after Trump’s decisive win
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Hedge funds slash bullish wagers on gold over Trump election win
Resolute Mining says it will pay Mali $160 million in tax dispute
Families gather at South African mine shaft where hundreds are feared stuck underground
Higher silver supply to reduce global deficit by 4% in 2024
BHP to spend up to $14 billion on Chilean copper expansion
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
China’s germanium, gallium ban could cost the US $3.4 billion
South Africa police standoff with illegal gold miners escalates
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Newmont sells Ontario gold mine to Orla for $850 million
BHP warns Australian mining not ready for low-cost competitors
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
Newmont sells Ontario gold mine to Orla for $850 million
BHP warns Australian mining not ready for low-cost competitors
Resolute Mining says it will pay Mali $160 million in tax dispute
Trump chooses oil fracking boss as energy secretary
Gold loses some luster after Trump’s decisive win
