Saturday, May 28,
LME Steel billet showed an upward trend this week and the cash seller & settlement prices moved up continuously to reach $586/MT on Friday.
The LME three month official bid/offer spread was at $566/568 per tonne on Friday i.e. up from $558/561 on Thursday.
Market Players believe that increased demand for long products from the Middle East and North Africa (Mena) and higher prices for scrap might have boosted the prices and traders expect the prices to move up further in the coming week.
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