Black Sea billet slides on markets nervousness

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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