Prices for cargoes of steel billet imported into the Philippines have fallen because of a deluge of material being offered into Southeast Asian markets amid a lack of buying interest in China, Fastmarkets heard on Wednesday June 23.
Bid prices in China have fallen to around $650-655 per tonne cfr for 3sp billet over the first three days of this week, down from $670 per tonne cfr on Friday amid weaker demand for rebar and volatile futures markets.This lack of buying interest in China, combined with a rise in the number of billet cargoes available from various eager sellers, has led to lower billet offer prices...