Offers for CIS-origin billet started to slide on Monday January 20, following last week's drop in scrap prices and weakening sentiment in the finished long steel market.
Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), US origin, cfr Turkey, tumbled by around $15 to $288.80 per tonne last Thursday, after a steel mill in the Izmir region booked a US cargo of 35,000 tonnes of HMS 1&2 (95:5) at $295 per tonne cfr, which put the HMS 1&2...