Billet prices in the Commonwealth of Independent States (CIS) and Turkey dipped amid thin trading volumes and falling scrap prices.
Fastmarkets’ daily index for Northern Europe-origin HMS 1&2 (80:20) scrap, the feedstock for billet manufacture, was calculated at $309.67 per tonne cfr Turkey on April 4, falling from $318.09 per tonne cfr Turkey on March 28.
Suppliers in the CIS reduced their prices because demand for the semi-finished long product remained soft in its export markets, on limited trading activity.
Market sources said that the “workable price” was $440-445 per tonne fob Black Sea, with one deal for CIS billet to Turkey being reported at that price.
“Mills claim that prices should go up [but] buyers insist on lower prices,” a source said. “At this moment, it is hard to tell how the prices will change.”
Offers from CIS mills were reported at $445-450 per tonne...