The London Metal
Exchange's three-month official billet price gained $4/MT on Wednesday due to rising
scrap prices, said traders.
Official prices on the London Metal Exchange three-month
steel billet contract moved up this week as trading activities improved and
both Billet & scrap prices move up in the physical market.
The LME three-month official cash buyer prices on Wednesday
were at $548.50/MT as against the level of $500-515/MT a week before.
“The price rise seen
this week is driven by the higher raw material prices. Improvement in the physical billet market lent
a bit more optimism”, said a trader.
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