CIS export billet prices continued to weaken on Thursday November 22 due to spreading negative sentiment in the market caused by falling finished long steel prices, uncertainty in the import scrap segment in Turkey as well as slumping billet prices in the Southeast Asia market.
Fastmarkets' daily CIS export billet index was calculated at $453 per tonne fob Black Sea on Thursday November 22, down by $2 day on day. Negative sentiment began to intensify in Asia at the end of last week in anticipation of the return of Chinese material to the export billet market. Recent billet sales from CIS suppliers to Southeast Asia done...