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The global billet market is sluggish.

Category: Blog

Time:2026-06-08

The global billet market remains sluggish, with prices continuing to face downward pressure in Week 23. Weak steel demand, cautious purchasing by buyers, and seasonal factors are weighing on trading activity across major regions. Market participants expect trading volumes to gradually pick up as buyers return to the market. Turkish demand and the trajectory of the Russian ruble will continue to be key determinants of billet trade.

The global billet market is sluggish.

In Week 23, the global billet market remained under pressure. Weak steel demand, cautious buyer behavior, and seasonal factors weighed on trading activity across major regions.

Rising raw-material costs provide some support to prices, but weak downstream demand and limited buying interest keep overall trading activity subdued. Market sentiment in Turkey’s imported scrap steel sector remains cautious, with the price spread between scrap and rebar hovering around $180–$183 per ton, continuing to squeeze steelmakers’ margins. Export rebar quotations remain steady at approximately $590 per ton FOB, while billet export prices are around $545 per ton FOB.

The Asian billet market is under pressure. Steel demand in Southeast Asia remains weak, prompting softer price quotes and cautious buying by purchasers. In southern China, the onset of the rainy season has further dampened construction activity and steel consumption. Billet prices in China have remained largely stable at RMB 3,020 per tonne (USD 448 per tonne), while SHFE rebar futures have risen to RMB 3,189 per tonne (USD 472 per tonne), supported primarily by firmer raw material prices. Chinese steel mills are maintaining their FOB export quotations for 3sp/4sp billets at USD 474–475 per tonne.

Indonesia’s 3sp billet import quotes stand at USD 490–495 per ton CFR, while open‑origin 5sp billet prices remain steady at USD 500–505 per ton CFR. In the Philippines, 5sp billet transactions are priced at USD 498–500 per ton CFR Manila, with sellers maintaining offers at USD 502–505 per ton CFR. Meanwhile, India’s induction‑furnace billet quotes hover around USD 492 per ton CFR, intensifying market competition.

The CIS billet market remains subdued. A stronger Russian ruble continues to constrain exporters’ pricing flexibility. For July shipment, Russian billet quotes are largely stable at $485–$490 per tonne FOB Black Sea, with most mills holding firm at $495–$500 per tonne FOB. The market has also seen higher offers in the $505–$510 per tonne FOB range, but actual transaction levels hover around $490–$492 per tonne FOB.

Following the Eid al-Fitr holiday, demand in Turkey remains weak. Turkish buyers are willing to pay $510–$512 per ton CFR, equivalent to roughly $475–$480 per ton FOB Black Sea, but this price level has failed to attract supplier interest. Meanwhile, domestic billet prices in Turkey have risen to $560–$565 per ton EXW, up from $540–$560 per ton EXW before the holiday.

Trading in the Gulf billet market remains subdued. With domestic scrap supplies limited, Saudi steelmakers continue to ramp up imports of billets and scrap. India’s RINL is reportedly offering 50,000–60,000 tonnes of 3sp and 4sp billets for July shipment at $475–$478 per tonne FOB. Meanwhile, in the UAE, China’s billet imports from January to April 2026 reached 165,000–170,000 tonnes, surpassing the full-year volume of 2025 following the issuance of new ECAS certifications to Chinese suppliers.

The Egyptian billet market remained quiet, with no new transactions reported. Russian billet prices held steady at USD 482–485 per tonne CFR. Weak downstream demand has pushed domestic rebar prices in Egypt down from USD 675–771 per tonne EXW to USD 617–771 per tonne EXW. Steel mills continue to focus on exports, with rebar quotes around USD 590 per tonne FOB.

Iran’s billet export market continues to be weighed down by logistical disruptions, weak regional demand, energy restrictions, and a nearly 50% surge in freight rates to Oman. For July shipment, FOB quotes for billets stand at $410–$420 per ton, while EXW prices from traders are $400–$405 per ton. A small volume sold to Iraq and Afghanistan fetched $395–$400 per ton EXW. Domestically, Iranian billet prices are 609,500 rials per kilogram, with electric‑arc furnace and induction‑furnace billets quoted at $485–$490 per ton DAP and $470–$475 per ton DAP, respectively.

Market participants expect trading activity to gradually improve as buyers return to the market. Turkish demand and the trajectory of the Russian ruble will continue to be key factors influencing billet trade.

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