Black Sea billet prices fell this week because buyers
postponed purchases as nervousness about the health of the global economy weighed
on sentiment.
Traders quoted Black Sea billet at $670-680 a tonne
free-on-board (fob)Russia and Ukraine, compared with $680-685 last week.
Turkish billet was on offer at $680-690 fob from $695-705 per tonne last week.
A European trader said he received an offer at $670 fob Turkey.
“Everything stopped last week when the stock markets fell
three days in a row and when the euro started to plummet,” a trader said.
“I see no argument for the market to go up much at the
moment given the risk-off environment with a stronger dollar and weaker credit
market.”, the trader added.
Prices for hot melted steel scrap 80/20 mix eased back a
little this week and were at $466-467/MT cfr Turkey, from $474-476 per tonne
last Friday, according to the Platts steel scrap assessment.
On the London Metal Exchange, the benchmark billet contract
was at $572-585 a tonne, from a close at $585 a tonne last Friday.
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