The CIS export billet price neared $410 per tonne by the end of the week, as market participants had expected.
They cited the drop in import scrap prices in Turkey as well as lack of demand in the major sales markets as reasons for the weakening of the price.Fastmarkets' daily CIS export billet index was $411 per tonne fob Black Sea on Friday June 21, down by $7 from Thursday.A 50,000-tonne cargo of Ukrainian billet was sold to Saudi Arabia at $442 per tonne cfr, Fastmarkets learnt. This is equivalent to $410-412 per tonne fob Black Sea."This is...