SE Asia: Billet Import Prices Remain Range Bound
This week, SE Asia billet import market was reported with mixed sentiments, as China’s billet offerings has disturbed the sentiments in the region. Amid corona virus outbreak in China, the domestic billet prices of country have dropped down by RMB 300 (~ USD 45) which is at 3-year low levels; RMB 3000/MT including VAT. The event was the result of increased finished steel inventories which have reached to the 5 years high levels due to pandemic.
Billet export offers from China for SE Asia were heard to have at USD 415/MT, CFR.
However, billet export offers from the other billet export majors’; Iran and CIS have rose marginally in recent deals. Iran was reported to book 30,000 MT billets to GCC in recent at USD 385-390/MT, FoB Iran. Increasing global scrap prices have managed to keep the billet export market of these nations supported.
Meanwhile, the domestic billet offers in Indonesia were reported stable and are at IDR 7500/MT, CIF Jakarta, including taxes.
SteelMint’s assessment for SE Asia billet import at USD 410-415/MT, CFR marginally down USD 5/MT against last week.
Billet export offers from CIS rise sharply – CIS billet export offers witness an increase of USD 5-10/MT W-o-W amid rising global scrap prices. This week, billet export assessment from CIS nations are at USD 395/MT, FoB Black Sea.
Vietnam-The 5SP grade billet export offers from the country were heard to have at USD 410/MT, FoB, down USD 5/MT against last week.
Turkish imported scrap prices move up further in fresh deals concluded recently. Imported scrap market of Turkey continues to strengthening amid active bookings being witnessed since Feb 2nd week as mills restock actively for March'20 shipments.
SteelMint assessment for the USA origin scrap HMS 1&2 (80:20) stands at around USD 280/MT CFR Turkey, successively increasing by USD 5/MT against the closing of the last week.
source: SteelMint
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