Steel billet prices continued to fall in most global regions during the working week from Monday November 26 to Friday November 30, due to a return of Chinese producers to the export market and a downturn in the Asian markets.
Sentiment in the export billet market in the Commonwealth of Independent States (CIS) became more depressed, while import prices in the Middle East and Turkey weakened in line with lower offers from CIS suppliers.ChinaBillet prices in the Chinese market were 3,120 yuan ($450) per tonne on November 30, down by 310 yuan per tonne from November 23.The spot market inventory for the product in Tangshan was 270,000 tonnes on Friday, up by 70,000 tonnes from a week before, a billet trader in Tangshan said, quoting a local industry information provider.The export offer for the product was $440 per tonne fob late last week, but buyers were bidding $400-410 per tonne fob, an export trader in east China said.There were no deals heard during the week, however.Southeast AsiaImport prices for steel billet in Southeast Asia fell further at the end of the week amid downward pressure from low-priced Chinese materials, although...