Local billet prices in the Philippines were around US$500/mt. Steel mill sources said that local rebar transactions were average and that rolling mills had general demand for billet and could only rely on prices to promote transactions.
Vietnamese origin billet prices are around $550/mt CFR Philippines.
Chinese billet was offered at around $550-560/mt CFR Southeast Asia, but Iran was offered at around $545/mt CFR, with a reported deal of 30,000 tonnes destined for Taiwan Province of China, where buyers are now asking for a reduced price of $530/mt CFR.
In addition, Indonesian billet was sold to Southeast Asia at US$565/mt CFR.
Despite some transactions, market sentiment is currently more pessimistic and prices are seen to continue to fall.
