Saturday, April 09,
The ongoing political unrest in key importing areas of North Africa and the Middle East continued to suppress the investment in construction sector and as a result demand for billet went down.*
Traders quoted Black Sea billet at $590-610/MT free-on-board (FOB) CIS, down from $615-625/MT FOB CIS last week.
Traders are offloading their positions because they are scared that prices may go down further.
Demand in the Far East, another major billet market has also weakened in the last few weeks.
According to traders, “Until Far East buyers actually come back into the market prices will not rise and there is no chance of a significant billet price increase until at least May”
On the London Metal Exchange, the three-month billet contract traded at $530/MT, down from $545 a tonne at the close last Friday.
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