Export prices for steel billet from the Commonwealth of Independent States continued to climb over the week ended Wednesday July 29, with offers from mills being limited by the ending of the month.
The CIS export prices gained further support from rising import scrap costs in Turkey.
***steel scrap
The index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey, was calculated at $270.82 per tonne on Wednesday, up by $6.40 per tonne day on day.
And the corresponding daily index for steel scrap, HMS 1&2 (80:20 mix), United States origin, cfr Turkey, was $276.41 per tonne on July 29, also up by $6.40 per tonne day on day.
Because of the rising scrap costs, market participants estimated the workable price for CIS export billet to be around $390 per tonne fob Black Sea.
A cargo of Ukraine-origin billet scheduled for shipment in September was sold to a trader around this price early this week.
Another source reported a stock cargo sold from the Black Sea port of Odessa early this week at $390 per tonne fob, but no details were disclosed.
Several Turkish sources said that local customers would accept $385-390 per tonne fob Black Sea for a prompt-shipment cargo, while offers were heard at $410 per tonne cfr (equivalent to $395 per tonne fob).
***billet in Persian Gulf Basin
There was also some interest in imported billet reported in Saudi Arabia this week. Traders were offering $420-430 per tonne cfr (equivalent to $395-400 per tonne fob, depending on the cargo size) for billet with increased manganese content, which traditionally commands a premium of a few dollars per tonne. But the offer prices were considered too high by the potential customer.
A source on the traders’ side said that the maximum workable price at this destination would be $415 per tonne cfr, or around $380-385 per tonne fob Black Sea.
In China, interest in CIS-origin billet faded this week because there was ample supply from India, Southeast Asia and the Middle East.
***Vietnam-origin billet
A small cargo of Vietnam-origin billet was sold to China at $424 per tonne cfr, Fastmarkets learnt. This would be equivalent to $415.50 per tonne for billet supplied from outside the Association of South East Asian Nations (Asean) because there is 2% import duty collected on material from other origins.
The price of $415.50 per tonne cfr would be equivalent to $370.50-375.50 per tonne fob for cargoes shipped from the Black Sea basin, but this was not workable for any supplier at the moment.
Fastmarkets’ steel billet index, export, fob Black Sea, CIS, was $390 per tonne on July 29, up by $5 per tonne day on day.
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