CIS billet prices started to decline in the last week of March, with the market under pressure from lower customers' bids, falling scrap prices in Turkey, and growing competition from Turkish billet suppliers because of the lira weakening against the US dollar.
Indications of offers were coming within the range of $450-460 per tonne fob Black Sea, Fastmarkets heard on Friday March 29. A Ukraine-based producer offered billet at $445 per tonne fob Azov Sea earlier in the week. This would be...