Global billet, scrap and long products markets ground to a hold this week, as market participants tried to get to grips with the dramatic decline in Chinese domestic billet prices.
The benchmark Tangshan billet price registered a 280 yuan ($43) per tonne decline throughout the week to finish at 1,950 yuan ($300) per tonne including VAT, following a 260 yuan ($40) per tonne drop in the previous week.
Steel First’s weekly price assessment for billet imports into Turkey was $390-400 per tonne cfr on Thursday May 12, down from $430-450 per tonne a week ago.
While billet prices tumbled, the deep-sea scrap market into Turkey remained quiet, with market participants expecting price declines of at least $35-40 per tonne.
Import prices for containerised HMS-grade scrap in Taiwan plunged by $40 per tonne as local buyers stepped back while US suppliers kept trying...