A large gap between buyers' and sellers' valuations of steel billet in the import markets of Southeast Asia was preventing further buying activity, market participants told Fastmarkets on Wednesday June 26.
Fresh deals for billet to China had raised market sentiment in Southeast Asia last week, but the reality of low demand at mills in the region, together with the recent rise in offer prices, has meant that few new deals were being closed.Offers for 5sp-grade billet from India were heard in the range of $445-455 per tonne cfr Southeast Asia in recent days, while offers from Far...