Global steel billet prices in most markets deteriorated in the week to Friday June 14, with sentiment affected by a downtrend in the Turkish scrap market and weak activity in most buying outlets.
Offers from the Commonwealth of Independent States fell throughout the week, but the movement failed to attract buyers in most markets.And scrap prices in Turkey dropped continuously last week amid excess supply. Fastmarket daily index for North Europe-origin HMS 1&2 (80:20) reached $283.65 cfr Turkey on June 14, down from $303.25 per tonne cfr on June 7.CISThe CIS export billet market weakened last week following the decrease in scrap prices and lack of buying activity.The market had been expecting sales to improve after the observance of the Islamic holy month of Ramadan, but no significant volumes were booked.Late last week, offers from the CIS were in a range of $428-435 per tonne fob Black Sea. Some sources reported material from Russia was available at $425 per tonne fob, but this price was not widely confirmed.Early in the week, offers were at $430-440 per tonne fob.But other...