Southeast Asian steel billet prices tumbled in the week to Friday September 27 because of a supply glut in the region after producers in various countries lowered their offer prices to entice buyers, market sources told Fastmarkets.
Southeast Asia remains the most active billet import market with buyers continuing to book cargoes while demand from other parts of the world softens, a trader in Southeast Asia said.During the week, several cargoes of Russian billet from producers exporting from ports in the Black Sea and Russia's Far East region were sold at $398-405 per tonne cfr Manila, while a shipment of Indian billet, produced using a blast furnace, was booked at $403 per tonne cfr...