Replicating the recent drop in
the physical market, Billets prices in the London Metal Exchange fell on
Thursday,
The three-month billet official
prices were at $535/540/MT, down from $545/555 on Wednesday, while the cash officials
dropped by more than $18 to reach $562/563
per tonne on Thursday, from $580/590 a day earlier.
“There is still more interest on
the sell side,” a trader said. “Physical [CIS billet] has dropped substantially
in the past few weeks. It will have to get to a level where it attracts buyers
in.”
A second trader said this move
was in line with physical black
sea billet prices, which he had heard trading down as low as $600/MT FOB.
Leave a Reply