“It is likely that market activity will resume only after the New Year holiday and the market is very quiet now,” a buyer source in Southeast Asia said.
Offers of billet from Russia, India, Oman and Qatar were coming at $448-460 per tonne cfr Southeast Asia last week while market participants estimated that the tradeable price at $445-448 per tonne cfr.
“Everyone is already in a festive mood and there are limited negotiations ongoing,” a trader in Thailand said.
An Indonesia-based trader said that buyers are not interested in booking any material during the festive season even though prices could rise further in January 2020.
The billet market in the Commonwealth of Independent States was also quiet last...