The billet market is going through tough times due to low purchases. Some suppliers are trying to increase their prices due to the lack of offers from Chinese exporters.
Offers in Thai ports are in the range of 500-505 USD/MT CIF on two-week-old indications so far. Also, only a few Iranian lots are said to have been announced at 485-490 USD/MT CIF. Only the Philippine market saw a slight growth and at the end of last week, prices increased by 5-7 USD/MT and returned to 515-520 USD/MT CIF levels.
However, traders believe that scrap, which has a chance to rise in the coming weeks, will be the main indicator of billet prices.
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