Market participants said China remained the preferred destination for suppliers due to their ability to pay higher prices and book larger cargoes than Southeast Asian re-rollers.
Demand in Southeast Asia remained sluggish due to restrictions imposed to curb the spread of the Covid-19 virus and because of the Islamic holy month of Ramadan, sources said.
Fastmarkets’ daily price assessment for steel billet, import, cfr Southeast Asia
, which mainly looks at 120-150mm 5sp-grade billet sold into the Philippines, was $375-380 per tonne on May 15, unchanged from the previous day.
It started the week at $370-375 per tonne cfr Southeast Asia on Monday before rising on Tuesday-Thursday.