CIS billet prices soften on stronger competition, weaker markets

The export price for CIS-origin steel billet softened toward the end of the current week amid increased competition in the nearby markets in Turkey and Egypt, Fastmarkets heard on Thursday November 18.

Weakness in finished steel prices added to the negative sentiment.
The removal of a 10% safeguard duty on billet imports into Egypt early this week [LINK] at first added some optimism to the market, but when various sellers started to target this destination, mills' bullishness dwindled.

Over the past week, Egypt has...

Monetary-driven precious metals outperform major base metals

Gold stocks hit by plunging equities markets

Gold stocks down as metal and equities momentum fades

Another Kazatomprom guidance announcement shakes uranium price

Major monetary drivers still supporting gold