Prices in Southeast Asia's steel billet market declined during the week to Friday January 3 because of bearish market sentiment for ferrous scrap prices in the bellwether Turkish market.
"Billet prices are likely to face pressure from declining ferrous scrap prices in Turkey because the Turkish mills have not been able to achieve higher prices for finished long steel products," a trader in the Philippines said.During the week, one 30,000-tonne February-shipment cargo of 100mm Russian billet was booked at $440 per tonne cfr Manila....