Prices in Southeast Asia's steel billet market declined after a major producer in India sold competitively priced cargoes into the region, sources said.
"The Indian producer reduced its asking price to attract customers because of limited buying interest in its domestic market during the country's monsoon season," a trader in Southeast Asia said.The transactions were reportedly concluded at $440-445 per tonne cfr to Indonesia and Manila, Fastmarkets heard.One cargo involving at least 70,000 tonnes of billet and slab produced in Iran was booked at $415-420 per tonne cfr Thailand, market sources said. Iranian prices are excluded from Fastmarkets' assessment, however, because they fall below mainstream levels due to the United States' sanctions against Iran. Sales of Russian and Ukrainian billet for September shipment were also heard at $450-453 per tonne cfr Manila last week, market sources said.Although some buyers took advantage of the reduced prices to replenish their...