Prices in the Commonwealth of Independent States export billet market were largely unchanged during the week to Friday July 16 with various factors influencing the market.
The drop in import scrap prices in Turkey is expected to have a negative effect on billet prices once Turkish customers return from public holidays next week.
Fastmarkets’ daily index for steel scrap, heavy melting scrap 1&2 (80:20 mix), North Europe origin, cfr Turkey was calculated at $476.93 per tonne on Friday, unchanged day on day and down by $10.26 from $487.19 per tonne on Monday.
Recent indications of a workable price for imported billet in Turkey were at $670 per tonne cfr, which would net back to $640 per tonne fob Black Sea.
Meanwhile, the recovery of demand for import billet in China pushed prices higher in the region this week.
In the second half of the week, a 20,000-tonne Russia-origin cargo, to be shipped from Far East ports of the country, was sold to China at $707 per tonne cfr. This equates to $640-645 per tonne fob for a cargo from the Black Sea basin.
By the end of the week, a cargo from Indonesia was heard booked in China as high as $710 per tonne cfr.
One market participant said scrap-based producers from Russia were ready to sell material at $640-650 per tonne fob with very short lead times because they want to ship as much steel as possible before an export duty comes in force on August 1.
Other Russian and Ukrainian producers maintained offers within the range of $650-655 per tonne fob Black Sea.
Fastmarkets’ calculation of its daily steel billet index, export, fob Black Sea, CIS was $645 per tonne on Friday, down by $3 per tonne day on day.
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