A lack of trading activity in most sales outlets coupled with the ongoing decline in the import scrap segment sent global billet prices down in the week ended Friday September 27.
Southeast AsiaSoutheast Asia remained the most active billet import market last week, with buyers continuing to book cargoes while demand from other parts of the world was soft.Several cargoes of Russian billet shipped to the Black Sea and Far East regions were sold at $398-405 per tonne cfr Manila, while a shipment of Indian billet, produced using a blast furnace, was booked at $403 per tonne cfr Manila.Buyers have reduced their procurement prices by around $10 week on week. Domestic rebar prices in the Philippines decreased by about 2% month on month in September due to weak demand, a source in the country said.Another transaction involving Russian billet was reportedly concluded at $400 per tonne cfr Indonesia.Malaysian billet was also reportedly booked, at $400-405 per tonne cfr Indonesia, while billet from a supplier in the Middle East was sold at $410 per tonne cfr Malaysia. A producer in Russia also...