Import billet prices climbed through early September with buyers facing a shortage of material after low purchase volumes in recent months
, but weaker market sentiment in China and a drop in Asian scrap prices have limited any further upside in the market.
Fastmarkets’ daily price assessment for steel billet, import, cfr Southeast Asia
, which mainly looks at 120-150mm 5sp grade billet sold into the Philippines, widened to $450-455 per tonne on Monday, compared with $450 per tonne cfr the previous day and the previous week.
The price on Monday matches the level assessed on Wednesday and Thursday of last week before it dropped to $450 per tonne cfr on Friday.
Most market participants told Fastmarkets that $450 per tonne cfr Southeast Asia was the highest price that consumers in the Philippines,...