Saturday, April 02,
Black Sea region steel billet prices were little changed this week and sales volumes were low.* Deals were closed at $620-$630/MT free-on-board (FOB), a similar level compared with last week, traders said.
There are three factors that is curbing the sales and keeping prices stable:
* War in North Africa and tensions in the Middle East,
* Softening steel scrap prices
* Holiday in Iran
According to a key importer of Black Sea steel billet, “The market seems to be paralysed and there are few real transactions. Violence in Libya and political tensions in the Middle East are concerning investors and depressing trade in the area”
Steel demand from the construction industry remained weak, whereas demand for wire rod has increased.
On the London Metal Exchange, the three-month billet contract traded at $553/MT, it’s lowest since March 11.
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