Prices for steel billet in most of the major global markets softened in the week ended Friday November 16, amid a downturn in scrap import costs, pessimism created by China's plummeting steel prices, and sluggish downstream sectors.
Meanwhile, Iran has virtually exited the export market after a fresh round of sanctions were introduced by the United States in early November. No bookings were heard for Iran-origin billet this week, keeping Iranian prices flat.Southeast AsiaImport prices in Southeast Asia fell during the week amid lower offers and pessimism among buyers due to the possibility of China's return to the export market.Russia-origin billet was heard sold to the Philippines at $500-502 per tonne cfr.A trader was also said to have sold one cargo of an unspecified origin to Indonesia at $490 per tonne cfr, but sources said that this was most likely a short sale.Materials from the Commonwealth of Independent States (CIS) were offered at $500-508 per tonne cfr Manila. Offers from several Malaysian producers were heard at $500-502 per tonne cfr in the Philippines.Many traders were also heard trying to short-sell billet, mainly CIS-origin material, adding to the...