Prices in Southeast Asia's steel billet market remained stable on Friday May 24 amid weak demand in the major Southeast Asian import markets of the Philippines and Indonesia.
Market participants in the CIS adjusted their offers upward in response to bullish market sentiment after the United States reduced its tariff on imports of Turkish steel to 25% from 50%.Fastmarkets' daily import price assessment for billet in Southeast Asia was $455-460 per tonne cfr Manila on May 24, unchanged from the previous day. Last Friday's prices were $5 per tonne higher, at $450-455 per tonne cfr.Iranian materials were sold at $430 per tonne cfr to Indonesia and Thailand during the week. Iranian prices are excluded from Fastmarkets' assessment because they fall below mainstream levels due to the US' sanctions against the Middle Eastern country.Market participants in...