Costlier raw materials drive up Southeast Asian billet prices

Prices for steel billet in Southeast Asia rose over the past week amid costlier steelmaking raw materials, sources said.

Iron ore prices rose above $100 per tonne cfr China for the first time this year on May 29 due to concerns over a shortfall of Brazilian material, and have mostly stayed above that level so far in June.
Scrap prices in the bellwether Turkish import market have also been on an upward trajectory in recent weeks due to improved demand for steel in Turkey after measures to curb the spread of Covid-19 were eased.

Fastmarkets' daily price assessment for steel billet, import, cfr Southeast Asia, which mainly looks at 120-150mm 5sp grade billet sold into the Philippines, was $405-410 per tonne on Friday June 12, up by $2-5...

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