Wednesday, March 23,
Black Sea billet prices remain stable this week as political tensions in North Africa and the Middle East dented demand from key import markets, while supply was tight..*
Traders quoted Black Sea free-on-board (fob) billet at $620-630/Mt, a similar level to last week’s.
According to a UK-based billet trader, “There is as much demand as there is supply; that is why prices are flat. However, the inventories are fairly low. North Africa and the Middle East are two main markets for Black Sea billet. Therefore political unrest in these areas have kept the imports low”
Prices for scrap in international market has moved up slightly to $460-465/MT (CNF) Turkey from $455-465/MT (CNF) a week ago as Turkish mills booked a few cargoes.
On the London Metal Exchange (LME), the three-month billet contract yesterday traded at $562/MT, same as the close last Monday.
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