Demand for steel billet in the Philippines remained weak during the country's rainy season due to a slowdown in construction activity, although demand from Indonesia was expected to recover after the country's election results were finalized.
The rainy season continued to dampen demand for steel billet amid continued weakness in the domestic steel markets, a trader in the Philippines said. The Philippine Atmospheric, Geophysical, and Astronomical Services Administration had declared the start of the rainy season on June 14, with warnings about flash floods and landslides during the monsoon season. During the week, steel billet from East Asia was sold at $455 per tonne cfr Manila, while billet from the Commonwealth of Independent States (CIS) was booked at $450 per tonne cfr Indonesia.Fastmarkets MB's daily import price assessment for billet in Southeast Asia was $455...