Steel billet prices in major global markets resumed their downtrend or remained stable during the week from Monday October 15 to Friday October 19, with few deals concluded and importers generally staying out of the market.
China was the exception, with its domestic prices strengthening amid lower inventory levels within the country.AsiaImport prices for steel billet in Southeast Asia were flat during the week. Trading activity came to a standstill amid a lack of bids from re-rollers.Fastmarkets' daily assessment of the import price for billet in Southeast Asia was $510-515 per tonne cfr Manila on Friday, unchanged since October 11.Russia-origin billet was heard booked by several buyers at $513 per tonne cfr Manila, while Middle Eastern materials were sold at $500-505 per tonne cfr Indonesia.Asking prices from the Commonwealth of Independent States (CIS) and Turkey were generally heard within the range of $515-520 per tonne cfr Manila.Offers were $505-515 per tonne cfr Manila for billet produced using induction furnaces (IF) from Vietnam, Thailand and India.But Southeast Asian re-rollers stayed out...