Tuesday, December 14,
Black Sea billet prices have been rising supported by firm scrap prices as well as Middle Eastern buying.
Traders are quoting Black Sea free-on-board (fob) billet at around $570-$605 a tonne.
Scrap prices in Turkey, one of the world’s top consumers of the steel-making feed, have been holding above the $400 mark, traders said.
“There is a lot if demand from the Middle East, the Far East and the Mediterranean markets so we’ve some quite significant increases in demand and in pricing over the last week,” one trader said.
Steel prices on the Chinese spot market rose slightly last week as demand continued to hold out despite fears of an imminent winter lull.
Demand is strong in the Middle East and traders said they expected prices to go even higher by the end of the year. “Demand is strong in Turkey, Dubai and Iran and also now Egypt, We are expecting billet prices to go up to $620 by the end of the year.
Source: Reuters
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