Steel billet in CIS have become increasingly bullish due to a strong international raw materials market, despite buying activity remaining limited, sources told Fastmarkets on Tuesday November 17.
*** Steel billet in CIS
Offers for CIS-origin billet with January shipment were heard mainly within the range of $445-450 per tonne fob Black Sea, but some suppliers were trying to get even higher prices, market participants said.
“One producer was asking $460 per tonne fob Black Sea price this week,” one trader said.
Meanwhile, customers’ think prices in traditional export outlets, such as Turkey and the Middle East, were substantially lower at about $420-425 per tonne fob with only customers in Asia ready to accept higher prices.
Particularly, several market participants reported a steel billet cargo from the CIS sold to China at $480 per tonne cfr, which would net back to about $440 per tonne fob had the cargo originated from the Black Sea basin, however, the details of the transaction were not clear by the time of publication.
“As long as China buys at the current levels, whether other customers pay or not does not matter,” a second trader said.
“Other customers need to adapt and pay higher prices in my opinion because China is very strong,” a third trader said.
Increasing raw material costs, particularly steel scrap, have been supporting the uptrend in the steel billet market also, sources said.
*** daily index for steel scrap
Import scrap prices in Turkey have stabilized after an increase on Monday November 16, leaving Fastmarkets’ daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey at $308.60 per tonne on November 17.
Fastmarkets’ daily steel billet index, export, fob Black Sea, CIS moved upward by $7 per tonne day on day to $443 per tonne fob on November 17.
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