CIS STEEL BILLET: Lower offers, bids drag market down

Export prices for billet originating from the Commonwealth of Independent States (CIS) dropped on Tuesday January 19 amid lower offers and bid prices heard in the market, sources told Fastmarkets.

Lower scrap prices and increased competition in the billet segment pressured prices downward, sources said.
Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), US origin, cfr Turkey was $451.40 per tonne on Tuesday, down by $9.12 per tonne day on day.
In such conditions, offers of billet from the CIS were limited. Those few mills that were present in the market reduced offers to $600-605 per tonne fob Black Sea against $615-625 per tonne fob late last week.

One small Russian mill was even offering 100x100 mm and 125x125 mm billet to Turkey at $580-590 per tonne fob Black...

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