Steel billet prices continued to decline in most of the world's major billet markets during the week to Friday December 7 due to thin buying interest caused by the weak finished steel sector and cheaper scrap.
China's prices rebounded at the beginning of the week, after a 90-day suspension of the country's tariff war with the United States was announced on December 2, although market sentiment did not improve significantly.AsiaSoutheast Asia's import prices for billet weakened further, with an uptick in domestic Chinese prices failing to revive trading activity in the region.No bookings were heard in Southeast Asia.Weak domestic long steel sales persisted in the region, thus dampening billet demand. Importers indicated their interest at $450 per tonne cfr.Chinese and Russian offers were heard at $460-465 per tonne cfr, while Indian and Malaysian offers stood at $470-475 per tonne cfr.Offers from the Middle East, excluding Iran, were reported at $465-470 per tonne cfr, while Iranian material was available at $450 per tonne cfr Indonesia.Fluctuations in China's prices during the week kept many buyers and sellers in the Southeast Asia on the sidelines.Chinese domestic...