CIS STEEL BILLET: Market nosedives following scrap

Prices in the Commonwealth of Independent (CIS) export billet market slumped on Thursday March 19 following the sharp drop in import steel scrap prices in Turkey a day earlier.

Russia's Abinsk Electric Steel Works offered billet at $360-365 per tonne fob Black Sea, against $390-392 pertonne heard earlier in the week, while other CIS-based mills adopted a 'wait-and-see' mode.
"We are not offering at the moment, there is no point looking for bids. We hope it's a temporary phenomenon," a Ukriane-based producer said.

A source on the traders' side said that if they...

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