Black Sea billet export prices keep climbing despite growing negative sentiment

Black Sea billet export prices continued climbing over the past week, with higher sales prices achieved in some markets and increased offers from CIS mills amid reduced availability of the material .

However, negative sentiment has started to gain ground amid a weakening of Chinese billet and rebar prices and decreasing scrap prices in Turkey.
Metal Bulletin’s weekly CIS billet export index moved to $527 per tonne fob Black Sea on Monday September 18, up from $516 per tonne fob a week earlier.
Buying activity has largely been concentrated in North Africa.
A large cargo of Ukraine-origin billet was sold to Algeria at $550 per tonne cfr, with the estimated cost of freight below $20 per tonne, according to the market participants.

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Vlada Novokreshchenova

September 19, 2017

12:46 GMT