The price of billet in the Commonwealth of Independent States' (CIS) market moved up by the end of the week after customers in North Africa accepted higher levels in deals.
A 50,000-tonne cargo of Russian billet - with increased manganese content - was reported sold to Algeria at $440 per tonne cfr, with freight cost assessed at $15 per tonne and additional manganese at $5 per tonne. This is normalized to the standard grade and fob Black Sea-basis price, which market participants believe to be at...