In India, export sentiment weakened further as bids for 3sp/4sp billets from major producers, including RINL (Vizag Steel), were reported at $450-455/t FOB, down from previous levels. Despite the lower pricing, Indian suppliers continued to face difficulties expanding sales in Southeast Asia, where Chinese material remained more competitive.
The Philippines remained one of the most challenging destinations for Indian exporters. Tata Steel, through a trader, offered 150 mm 5sp billets at around $502/t CFR Manila, but buyers showed little interest as comparable Chinese material was available from $485/t CFR. Meanwhile, Indian induction furnace (IF) billet offers were heard closer to $480/t CFR. However, these products attracted limited buying interest, as many Southeast Asian customers continue to favor basic oxygen furnace (BOF) billets due to their higher and more consistent quality, particularly for construction projects in earthquake-prone regions.
Chinese exporters continued to dominate the regional market with competitive pricing. Offers for 3sp billets were mostly reported at $460-465/t FOB for August-September shipments, while 5sp billets to the Philippines started from approximately $485/t CFR. Even so, buying activity remained limited, as many customers preferred to delay purchases amid cautious market sentiment and sufficient inventories.
In the Middle East, market activity also remained slow. Indonesian billet offers to Saudi Arabia were reported at around $530/t CFR, but the level was considered too high by buyers and failed to generate transactions. At the same time, Indonesian producer Dexin maintained its September shipment offers for base-grade billets at $470/t FOB, showing little willingness to adjust prices despite sluggish demand.
The Black Sea market was largely stable, with Russian billet export offers remaining unchanged at around $470/t FOB Black Sea. Although suppliers held firm on pricing, trading activity stayed muted as buyers continued to seek lower prices amid the absence of stronger downstream demand.
Overall, the billet market continues to be characterized by weak purchasing interest and intense competition among exporters. Chinese suppliers remain the most competitive in Asian markets, while higher-priced offers from other origins have struggled to secure deals. Unless construction demand improves or buyers return for larger restocking, billet prices are expected to remain under pressure in the near term.
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