CIS LONG STEEL: Lack of demand, falling scrap costs send long steel prices downward

Export prices for steel rebar and wire rod from the Commonwealth of Independent States (CIS) fell sharply in the week to Monday March 30 amid the lack of demand in almost all markets due to the Covid-19 pandemic, as well as the recent dramatic drop in scrap costs.

"Buying interest is limited. There are almost no bids," one market source said.
"There are not many buyers today," another source said. "Traders might take positions, but actual demand is not there. With scrap in Turkey being booked at $206-207 [per tonne] cfr, the workable rebar price should be around $365-370 per tonne fob Black Sea."

Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey, was $201.13 per tonne on March 30, down by $23.42...

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