Steel billet prices were largely stable in most regions in the week ended Friday March 22, with high raw materials costs affecting offer prices while buyers remained resistant, but demand was starting to improve at the end of the week.
Scrap prices in Turkey remained high, with producers continuing to book material on Friday.Fastmarkets' daily index of North Europe-origin ferrous scrap HMS 1&2 (80:20) was $321.21 per tonne cfr on Friday, up from $318.37 per tonne cfr a week earlier.Meanwhile, the index for 62% Fe iron ore was $85.96 per tonne cfr Qingdao on Friday, down only slightly from $86.52 per tonne cfr a week earlier.CIS, Turkey, EgyptThe export market in the Commonwealth of Independent States finally saw a thaw in buying activity last week despite the fact that not all customers were ready to accept the prices quoted by mills.Offers from CIS producers for April-rolling material varied within the range of $460-465 per tonne fob Black Sea, because of raw materials costs, while most bids were below $450 per tonne fob Black Sea.The lowest bids were heard from Turkey, where customers were ready to pay no more than $450...