Billet import prices in Southeast Asia nudged upward in the week ended Friday July 5 after producers raised their asking prices in response to a rebound in the ferrous scrap market.
Trading activity in the region remained quiet during the rainy season in the Philippines, however.The price of ferrous scrap in the bellwether Turkish market surged because steel mills in the country needed to procure feedstock for August shipments of finished steel products and billet.Fastmarkets' price assessment for steel billet imports, cfr Southeast Asia, was $457-465 per tonne on July 5, narrowing upward by $2 per tonne from the previous day. Last week's price was $2-10 per tonne lower, at $455 per tonne cfr.Materials originating from the Commonwealth of Independent States were offered at $465-470 per...