Trading activity in the CIS export billet market slowed down at the end of this week when market participants took a wait-and-see position on whether the reduction in US import duty on Turkey-origin steel products would have a positive effect on prices.
The United States lowered its tariff on steel imports from Turkey to 25%, from the previous 50%, with effect from Friday May 17."The Turkey import duty cut is a hot issue today," one trader said, adding that he expected the market to become firmer in the foreseeable future."I do not think there will be any sharp rise in prices in the near term - maybe $10 [per tonne]," another international trader said."It's unlikely that we will see any real billet offers until next week, after...