Turkey remains the key market supporting price growth in the CIS steel billet market, with buyers largely interested in wire rod grade semi-finished purchases, sources told Fastmarkets on Monday December 21.
More producers from Russia announced export prices for steel billet with February shipment on Monday with offers ranging $580-600 per tonne fob, several sources said.
*** CIS steel billet , Ukrainian mills
Ukrainian mills were still staying away from exports, although one producer indicated prices at “no lower than $600 per tonne fob.”
Turkish consumers continued to drive movement in CIS steel billet prices, but most recent booking were heard for wire rod grade billet only.
“Only wire rod producers can afford pay higher prices,” one trader said.
*** wire rod grade billet
One Russian supplier was heard to have sold 8,000 tonnes of wire rod grade billet to Iskenderun late last week at $598 per tonne cfr, which would net back to about $583 per tonne fob, several sources said.
Also, a booking of small billet cargo of base grade originating in Russia was heard at $575 per tonne cfr to Turkey late last week, which is an equivalent of $560-565 per tonne fob Black Sea.
*** CIS steel billet index
As a result, Fastmarkets’ daily steel billet index, export, fob Black Sea, CIS increased by $10 to $569 per tonne on Monday up from $559 per tonne on Friday. The index was also up by $19 per tonne week on week and by $109 per tonne month on month.
“Turkey is the only destination where CIS mills can sell [billet] at higher prices. There is a shortage of billet in Turkish domestic markets, prices are rising on daily basis, pushed by scrap,” a second trader said.
A non-stop increase in import scrap prices in Turkey was also supporting the uptrend in the semi-finished segment, sources said.
*** steel scrap
Fastmarkets’ daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey was calculated at $457.88 per tonne on Monday, up by $15.44 per tonne compared with Friday’s index.
This is the highest since January 23, 2012, when the daily index was $458.67 per tonne.
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