Steel billet prices were largely stable in most regions in the week ended Friday May 10, with many market sources expecting prices to fall in the near term because of declining scrap prices and weak buying interest.
Fastmarkets' daily index for Northern Europe-origin HMS 1&2 (80:20) scrap was $289.83 per tonne cfr Turkey on May 10, down from $296.04 per tonne cfr Turkey on May 3.Turkey, EgyptTurkish steel billet prices remained stable despite sluggish demand in both the domestic and overseas markets.Fastmarkets' weekly price assessment for billet imports into Turkey was $420-440 per tonne cfr on May 9, unchanged from May 2.Producers in the Commonwealth of Independent States (CIS) kept their offers steady at $440-450 per tonne cfr Turkey, while buyers had indicated their interest at $420 per tonne cfr.Demand from re-rollers was lackluster due to the weak finished steel markets, market sources said.Prices for Turkish billet exports were also stable. There had been no significant buying activity since sales were agreed at $425-430 per tonne fob to Saudi Arabia and Southeast Asia in the week ended May 2.But most producers did not want to reduce their...