IRON and STEEL
Chinese billet prices notice stability after a sharp fall. Domestic prices increased by RMB 60 ($9) in last two days.
Chinese domestic billet prices observed some rebound on Thursday amid improved export enquiries, SteelMint learned from market sources.
Major billet producers cumulatively increased billet prices by RMB 50 ($7) to RMB 3100 ($447), ex-Tangshan, China, including 17% VAT.
Chinese exporters report rising enquiries for wire rods and billets from China at these levels.
"Prices had decreased too sharply in domestic market and exporters have been waiting. If they feel prices have bottomed out, they will start buying. We expect some transactions to resume from next week," said a trader.
Chinese mills have resumed billet exports owing to falling prices in domestic market, but we do not see volumes to reach 2015 levels.
Steel Authority of India (SAIL), an India state owned steel mill, has cancelled 16,200 MT billet export tender which bid due date was on 3rd Dec'18, SteelMint learned from market sources.
Iranian Domestic Billet Offers Hit All Time Low since Sep’19 owing to appreciation of Rials against USD.
A steel billet export vessel arrives at Indian port on 2nd Dec, 2018, from Iran, which is likely to be re-routed to Thailand, SteelMint learned from market participants.
Billet imports to Philippines reported a sharp gain of 92.16% in the first 9 months of 2018, as per the recently released data by Philippines custom.
major buyer of eastern Indian Billet & Wire rod, has presently lowered purchases amid weak finished steel demand in domestic market, sufficient inventories and with expectations of further fall in Indian export offers following slump in local steel prices in India.