Vietnamese producers have reduced their billet export prices by USD 5/mt, while the downward trend in other Southeast Asian markets has already crossed the range of USD 10-15/mt.
Export offers for billet at Vietnamese ports decreased by USD 5-7/mt to USD 510-515/MT FOB. In Thailand, prices fell at least 10-15 USD/MT and amounted to 530 USD/MT CIF. Billet deals for the Philippines are trading below the USD 515-520/MT CIF level, according to the market information.
Optimistic expectations for the second half of June were dashed as the market was still dominated by excess supply. The offers are expected to lose at least another 10-15 USD/MT in the coming weeks.
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