Global billet prices softened in most markets around the world during the week to Friday July 26 amid sluggish demand for finished steel products.
Asian markets were an exception, however, with billet prices going up slightly in Southeast Asia and China as well as in Iran, which mainly supplies material to the Asian region.Southeast Asia, Iran, ChinaAlthough billet prices in Southeast Asia were pressured by the softening of domestic long steel prices in the region's major billet import markets of the Philippines and Indonesia, customers accepted prices targeted by suppliers from the Commonwealth of Independent States.CIS-origin materials were offered at $455-460 per tonne cfr Manila, while buyers had indicated their interest at $450-453 per tonne cfr. One shipment of billet from a producer in Russia was booked at $455 per tonne cfr Manila during the week to Friday.Although demand is expected to be weak, market participants believe that re-rollers in the country have to make some bookings to replenish dwindling inventory levels.Billet produced in Vietnam using induction furnaces (IF) was available at $460-465 per...