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.
“I do not...