Weekly round-up: Global billets market gains momentum following recovery in Chinese steel futures
The global billets market picked up momentum after seeing some recovery in Chinese rebar futures. Also, the imported billets market in China turned active with recovery i...
The global billets market picked up momentum after seeing some recovery in Chinese rebar futures.
Also, the imported billets market in China turned active with recovery in rebar futures, which is likely to keep global sentiments supported. According to data maintained with SteelMint, the Chinese rebar futures contract for May'22 delivery closed at RMB 4,505/tonne (t) ($707/t) on 17 Dec'21, a sharp rise of RMB 183/t ($29/t), w-o-w. However, the same witnessed a fall of RMB 24/t ($4/t), d-o-d.
After remaining quiet for the past few weeks, bids for imported billets in China recovered on the back of a hike in rebar futures. SteelMint assessed China's steel billets imports prices at $605-610/t CFR on 17 Dec'21, up by around $15-20/t, w-o-w.
- Indian billets market picks up with recovery in steel futures: An Indian mill concluded a spot export tender for 30,000 t of steel blooms (150x150mm, 3SP/4SP grade). The shipment is scheduled within 45 days from the export agreement. According to market sources, the deal was concluded at around $595/t FOB. Also, another export tender for 30,000 t of steel blooms (150x150mm, 3SP/4SP grade) was concluded at the beginning of this week at around $590/t FOB and the shipment is scheduled within 45 days from the export agreement.
- Iranian billets export prices drop in recent deals: Iran's billets export prices declined further on low bids and limited trade. An Iranian mill concluded an export deal for 30,000 t of steel billets, sources informed SteelMint. The deal was concluded at $550/t FOB for mid-Feb'22 shipment. Iran's billet export prices fell by around $15/t compared to the last-concluded tender in end-Nov'21.
- Vietnam's billets export offers unmoved: Vietnam's BF-route billets export offers stood unmoved at $620/t, FOB with no deals heard to be concluded this week.
- SE Asia's imported billets prices inch down: A few deals from South East Asian markets were heard to have been concluded for China. However, prices witnessed a slight correction, w-o-w. SteelMint's bi-weekly assessment of imported billets (150*150mm, 3SP) into the Philippines currently stands at around $635-640/t, CFR Manila, down by around $2/t, w-o-w. For 5 SP billets, price indications are at around $640/t CFR, said traders.
- Thailand's imported billets offer range-bound: Indicative imported billets offers into the country hovered in the range of $640-650/t CFR from various origins, range-bound w-o-w. Also, imported billets offer from Iran were reported at $630/t, as per market sources.
- China's billet prices rise towards the weekend: Steel billets prices in China's Tangshan witnessed an increase of RMB 50/t ($8/t), w-o-w. Domestic billet prices stood at RMB 4,360/t ($684/t), inclusive of 13% VAT on 17 Dec'21.