Buying activity in the major global steel billet markets was sluggish last week due to the post-holiday period. Customers and sellers were assessing the conditions in the market and prices softened further, because some of them placed lower bids and offers amid the lack of support for finished long steel.
AsiaThe Southeast Asian billet market was largely stable in the week ended Friday January 11 on dull spot trading.Several offers for CIS material were heard in the Philippines at $445-450 per tonne cfr Manila, down from $455 per tonne cfr Manila on December 31.Malaysian offers were reported around $460-465 per tonne cfr Manila and $458 per tonne cfr Vietnam on Wednesday and Thursday.Vietnam-origin billet produced from induction furnaces was offered at $450 per tonne cfr Manila. These were excluded from Fastmarkets' assessment because the prices tend to be lower than mainstream prices, due to the product's inferior quality.Billet from the Middle East, excluding Iran, was offered at $450 per tonne cfr Indonesia, while Iranian suppliers were asking for $420-430 per tonne cfr Indonesia and Thailand.Prices from Iran were excluded from Fastmarkets' assessment because they tend to fall below mainstream levels as a result of the United States' sanctions against the...