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The South Korean steel producer last sold a billet cargo some three weeks ago to a trader at $523.50 per tonne fob. But prices have since shifted lower due to weak demand.

Fellow steelmaker Korea Steel Shapes Co (Kosco) was heard to have sold a cargo of the semi-finished product to a South Africa-based trader recently at about $510 per tonne fob. This sets the tone for the kind of price level that Hyundai Steel will likely get for its cargo.

The tender closes on Monday June 10.