Export billet prices from the Commonwealth of Independent States (CIS) continued to weaken in the last week of May amid a lack of support from customers in Asia, particularly China.
Chinese customers - who had been actively booking CIS-origin material - found the current import billet prices unprofitable considering the uncertainty in the finished long steel markets and the fluctuation of yuan against the US dollar.Although no firm bids were heard from China at the time of publication, market participants said a price of $380...