Billet Import Prices Remain Stable for the Consecutive Week in SE Asia

According to Mining News Pro - The marginal fall of global scrap prices lowered the bids for billets. A couple of deals from Japan to the Philippines have tried to distress the market sentiments. Recently, Japan has booked two billet lots to the Philippines of quantity; approximately 12,000 MT and 10,000 MT. The deal value of both the lots was reported to be USD 408/MT, CFR and, USD 400/MT, CFR, respectively.

Assessment for SE Asia billet import at USD 410-415/MT, identical as last week.

Amid decelerating domestic demand, due to the completion of Japan Olympics 2020 construction projects, the country is now shifting its interest towards the export market, especially in the SE Asian region. The Olympics projects were driving the domestic steel industry in Japan. Also, the Japanese mills are enjoying better margins in selling billets, rather than rolling it to rebar or wire rod.

Indonesia - Meanwhile, following the global trend, the Indonesian global scrap prices have also witnessed a marginal drop. The event has resulted in the drop of Indonesian billet prices, which are currently at IDR 7000/MT, tax-inclusive, down by IDR 200/MT against last week.

Vietnam- Domestic billet offers of Vietnam were noted to have at USD 415/MT, CIF, down USD 5/MT against last week. Trade sources from Thailand highlighted that local scrap prices have dropped this week. Also weakening of currency (Thai Baht) against USD has made imported billets expensive.

CIS billet export offers fall marginally – CIS billet export offers reported a slight decline this week. The billet export assessment from CIS nations is at USD 390-395/MT, FoB Black Sea.

Turkish imported scrap prices have slightly moved down. Assessment for the USA origin scrap HMS 1&2 (80:20) stands at around USD 277-278/MT CFR Turkey, down by USD 2-3/MT against last week’s report.