Offer prices for wire rod to India dropped by almost $20 per tonne this week as sellers, mainly in the CIS, cut their prices.
Domestic rebar prices in Turkey are largely unchanged week-on-week, according to most market participants.
Billet prices in Southeast Asia have fallen by $5 per tonne in the past week, tracking the lower scrap prices, mill and trading sources in the region said
Rebar export prices from Turkey have followed billet prices down, declining by $20 per tonne over the past week, market sources told Metal Bulletin.
The European Commission has opened an antitrust investigation into the proposed €2.7 billion ($3.45 billion) merger of stainless steel makers Inoxum and Outokumpu, it said on Tuesday May 22.
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MAN OF STEEL: The only way is down
Bleak news wherever we look. We see examples of low prices for all steel products being achieved in China, India, Brazil, the USA and Europe. The Russian market is weak and the CIS mills are now eyeing all export markets to get rid of serious tonnage.
COMMENT: Where will the next story or contact come from?
New platforms and new types of content will enable Metal Bulletin to provide its subscribers with information in ways that are fresh and revealing.
COMMENT: Production cuts and strikes – can European steelmaking recover?
The recent spate of production cuts made by steelmakers operating in Europe has highlighted the fragile nature of the continent's industry.
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