Southeast Asia billet import prices boosted by scrap recovery

Southeast Asia’s steel billet prices increased in the week to Friday November 8 amid an upturn in ferrous scrap values in the bellwether Turkish market, sources told Fastmarkets.

Market participants consider Turkey’s scrap import prices, which have rebounded by more than $30 since hitting a year-to-date trough of $225.88 on October 1, to be a major indicator of scrap price trends because the country is the world’s largest importer of the steelmaking raw material.
“The large volume of billet booked by Chinese importers in recent months has... reduced the supply available to buyers in Southeast Asia,” a Chinese trader said.

One shipment of billet produced in Malaysia was reportedly sold at $405 per tonne cfr...

Published

Lee Ken Kiat

November 08, 2019

09:58 GMT

Singapore