CIS billet market for steel billet turned quiet at the beginning of December with an increasing difference between mills’ offers and customers’ bids, Fastmarkets heard.
Some producers from Russia announced steel billet offers at $505-520 per tonne fob for January-February shipment, while the majority of mills were still out of the market and should set new prices for January production next week, sources said.
“Most mills are waiting and assessing the market. New prices will be really set in the next week or so,” one trader said.
“Mills can take their time, they will be sold out until the year-end,” a second trader said.
Meanwhile, trading was quiet on Wednesday December 2 due to the disparity between offers and bids.
*** CIS billet market , Buyers from Turkey
Buyers from Turkey – a main driver behind the CIS export billet price increase in recent days – were bidding for material at $500-505 per tonne cfr at the most, which would net back to around $485-490 per tonne fob Black Sea.
Recent deals for steel billet in the Turkish domestic market were heard done at $510 per tonne exw this week, up from $۴۹۰-۵۰۰ per tonne late in the week prior.
High raw material costs, particularly for steel scrap, have been supporting the uptrend in the steel billet market also, sources said.
Fastmarkets’ daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey was calculated at $351.01 per tonne, up by $2.40 per tonne day on day.
As a result of the bullish fundamentals, Fastmarkets’ daily steel billet index, export, fob Black Sea, CIS increased slightly to $492 per tonne on Wednesday, up by $2 per tonne from $490 per tonne on Tuesday. The index was also up by $19 per tonne from $473 per tonne a week ago.
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