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The tender, at which 122x122mm billet was offered, closed on Thursday. The South Korean steelmaker is expected to re-issue the tender next week.

Hyundai Steel last sold a 5,000-tonne cargo in October at just under $460 per tonne fob, but prices of South Korea-origin billet have since moved lower in tandem with weakening international prices.

The market continues to reel from sliding prices out of China due to its supply glut.

A 5,000-tonne cargo of Chinese billet was heard booked this week to the Philippines at $405 per tonne cfr Manila, down $35-40 per tonne from trades done a month ago.