Metal Bulletin’s weekly price assessment for billet imports in Southeast Asia was $445-460 per tonne cfr for the week ending Monday July 17, up by $5-10 per tonne from $440-450 per tonne cfr.
Reduced availability of the material, from China in particular, was one of the main reasons for the price increase.
No export billet offers were reported last week from the China as domestic demand continued to be strong.
On Friday July 14 domestic billet prices in China were 3,400 yuan ($501) per tonne, up 120 yuan ($18) per tonne over the week.
The domestic price represents a five-year high for China and some market participants think further rises are unlikely.
However, despite this, not all the customers...