Prices in Southeast Asia's steel billet market edged down on Friday July 26 after domestic long steel prices softened in the region's major billet import markets of The Philippines and Indonesia.
Domestic rebar prices remain soft because of the rainy season and the stronger Filipino currency, a trader in the Philippines said.The Philippine peso was trading at 51.11 peso per $1 on July 26, as compared with 52.46 peso to $1 on January 1, according to currency exchange site Oanda.com.Although demand is expected to be weak, market participants believe that re-rollers in the country have to make some bookings to replenish dwindling inventory levels.One...