In early July prices for CIS billets climbed by $10/t to $410-415/t FOB Black/Azov Sea, the loftiest level over this year. In the frst days of the month, sales both from Russia and Ukraine were mainly at the lower end of the range, while at the end of the week workable tags leaned towards the upper edge. Particularly, a Ukrainian supplier secured a fresh deal at $415/t FOB Azov Sea. Market insiders do not exclude further uptick in the coming days, but admit that the room for increase is rather limited already. Mills’ offers are gravitating to $420/t FOB Black Sea now. “It is a market of a seller now. Under the tight supply, improving demand is leading market upwards at the moment,” a trader told Metal Expert. Producers have already booked over a half of August output, sources say.
As previously business activity dominates in North Africa. This week about 50,000 t of CIS billets were reportedly bought in Egypt through trading companies.The price range of recent deals is within $435-440/t CFR, Metal Expert learnt.
It is expected that demand on the destination will remain over July.Yet, “the appetite is likely to ease as earlier purchased volumes will start coming to the market,” a source said. At least 25,000 t of Russian billets were contracted in the last days of June in Algeria at $410-412/t FOB Black Sea; buying interest is still persisting.
In the Far East demand is resilient as well on an absence of Chinese material. Contract prices for Russian billets are standing within $435-445/t CFR, $15/t up week-on-week.
Source: World steel news
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