CIS export billet prices continued to trend downward in the Black Sea market in the week ended Monday January 29, with buying activity remaining low and customers expecting more price cuts in the near term.
Traders were also said to have built up high levels of stock at ports in recent weeks, which also served to restrict buying activity.Metal Bulletin's weekly export CIS Billet Index dropped to $492 per tonne fob Black Sea on January 29, down from the previous $511 per tonne fob Black Sea.CIS mills offered billet to foreign customers mainly at $500-505 per tonne fob Black Sea, while bids were varying within the...