In Manila, the import price remained stable at USD 525/ton, but no significant transactions took place. Japan's billet offer price remained at a similar level at USD 520/ton.
In Vietnam the situation was even more serious. The country's blast furnace steel producers reduced their billet export offer prices to 500-505 USD/ton. In Thailand, the price offered for imported billets dropped to 520-525 USD/ton. However, there were quite active transactions in Indonesia. Dexin Steel reserved 20,000 tons of billets for USD 495.
In China, billet prices showed a downward trend and by the end of May the price fell to 3,510 RMB (493 USD) per ton. The decline in raw material and final product prices put pressure on billet prices. Rebar futures prices on the Shanghai Futures Exchange also decreased, reflecting the instability of the market.
This week, the billet market in Southeast Asia remained generally sluggish. The recession in the steel industry put pressure on importers and exporters. It is eagerly awaited to see how market conditions will develop in the coming period.
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