Prices in Southeast Asia's steel billet market remained stable on Friday June 7 with trading activity limited by the upcoming rainy season in the Philippines and public holidays in various areas to mark the end of the Islamic holy month of Ramadan.
But market participants told Fastmarkets that they were were bearish about billet prices in Southeast Asia because of continued weakness in the domestic rebar markets in the region and because an expected rebound in scrap prices had not been seen.Fastmarkets' daily import price assessment for billet in Southeast Asia was $455 per tonne cfr Manila on June 7, unchanged since May 31.Volatile political and economic relations between the United States and Turkey, coupled with the public holidays in the Middle Eastern country, were expected to keep sentiment weak in the scrap markets in Asia, especially after market participants heard that a bulk cargo of scrap was sold to the bellwether Turkish market this week...