The Commonwealth of Independent States' (CIS) export billet market has started to show signs of recovery, with market participants' sentiment positive amid increased steel prices in China and a plateau in Turkish import scrap prices.
"I think we have hit the bottom for now perhaps. At the end of the day, final customers are still demanding and rebar is still being sold. Let's see what level the next scrap deals are done at," one trader said.Recent indications of offers for July-rolling CIS-origin billet were heard within the range of $415-420 per tonne fob Black Sea early this week.The availability of July-rolling material was low, however, because some...