Import prices for steel billet in Southeast Asia and slab in the wider region including East Asia were flat over the past week amid a lack of transactions, with supply tightening while demand remained weak.
BilletMetal Bulletin's assessment of import prices for billet in Southeast Asia was $540-550 per tonne cfr for the week ended Monday July 30, the same as a week earlier.No deals involving 100-150mm billet produced in blast furnaces (BF) and electric-arc furnaces (EAF) that Metal Bulletin assesses were heard over the past week, sources said."More buyers are turning to induction furnace (IF) billet because there have been fewer offers for BF and EAF billet available recently. IF materials are also much cheaper now," a trader in the Philippines said.Numerous bookings were made for Indian IF billet at $530-536 per tonne cfr by buyers in the Philippines and Indonesia. Metal Bulletin does not assess prices for IF billet because they are of inferior quality to BF and EAF products, and tend to be priced lower.A cargo of 165mm billet...