Steel billet prices retreated further or remained unchanged in most regions during the week to Friday December 21 amid the year-end trading lull and persistent weakness in finished long steel markets.
China was the exception, with its domestic prices continuing to edge up on lower supplies.AsiaSoutheast Asia's import prices for steel billet declined slightly amid low bids and minimal deals after a major Vietnamese producer was heard slashing its offers early in the week.Trading was thin amid lackluster demand during the year-end holiday season.Only two transactions were reported this past week, both involving billet from the Commonwealth of Independent States (CIS) sold to the Philippines at $462-465 per tonne cfr Manila.Filipino buyers indicated their interest at around $450-455 per tonne cfr. Thai buyers were looking to buy at $430-435 per tonne cfr, while those in Indonesia were bidding at $460 per tonne cfr.Additional pressure on regional prices came in the form of cheaper billet from major Vietnamese steelmaker Formosa Ha Tinh Steel Corp, which led to Southeast Asian importers either reducing their bids or keeping them low. CIS offers stood at $460-465...