Prices in Southeast Asia's steel billet market fell on Friday September 20 on expectations that prices could soon sink below the psychological floor of $400 per tonne cfr Southeast Asia, a level not breached since May 2017.
Bearish sentiment has been exacerbated by the decline in the price of ferrous scrap in the bellwether Turkish market - a major indicator because the country is the world's biggest importer of steel scrap. Fastmarkets' daily scrap index for steel scrap, HMS 1&2 (80:20 mix), Northern Europe origin, cfr Turkey, was $226.42 per tonne on September 19, down from $235.84 per tonne week on week.During the week to Friday, billet from a Russian supplier exporting from a Black Sea port was sold at $410 per tonne cfr Manila,...