Demand for steel billet in the Gulf Cooperation Council (GCC) region early in the week that began on Monday October 5 supported billet sellers in the CIS region, which have been faced with a lack of trading activity in most outlets recently.
Customers in the Middle East-North Africa (Mena) region and Asia have adopted a wait-and-see position over the past seven days amid uncertainty about the price trend in the Turkish scrap sector as well as a week-long national holiday in China.The latest bids for CIS-origin billet from Turkey were heard within the range of $415-420 per tonne cfr, which would be equivalent to $400-405 per tonne fob Black Sea. In North Africa, buyers were looking for prices no higher than...