In the Gulf Cooperation Council (GCC) ports, Chinese-origin billet prices for March shipments have been confirmed not to exceed $467-470/t. Market sources speaking to SteelRadar stated that April shipments were contracted at $475/t CIF.
Meanwhile, offers for Iranian billets have reportedly dropped by $5-7/t, reaching a range of $463-465/t CIF. However, last week, producers had not indicated prices below $470/t CIF. Given these conditions, reports of falling billet offers in Indian ports seem expected. Current data indicates that Indian-origin billet prices do not exceed $440/t FOB, marking a $10/t decline compared to mid-February.
Considering the weak demand in both the GCC and Southeast Asian markets, a sharp trend reversal is not anticipated. An Oman-based trader is seeking buyers for Iranian billet at $400/t FOB, but counteroffers are coming in below $395/t FOB.
Current billet price updates in other regional markets are as follows:
- Indonesian billet (3sp): $433-435/t FOB (50,000 tons, April delivery)
- Chinese billet (3sp): $445/t FOB (offer)
- Chinese billet (5sp): $460-465/t CFR Philippines
- Indonesian billet (SS400): $468/t CFR Jakarta
- Taiwan imported billet (3sp): $455-460/t CFR
Amid weak long product markets, importers are struggling to purchase billets at such high prices. Current market conditions suggest that billet prices may remain under pressure for some time.
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