Global steel billet prices were stable or continued downward in most regions following weak demand and lower scrap prices during the week ended Friday May 3.
Global ferrous scrap prices trended downward due to low demand and high inventories held by steel mills.Fastmarkets daily index of North Europe-origin HMS 1&2 (80:20), reached $296.04 per tonne cfr Turkey on Friday, down from $303.55 per tonne cfr on April 26.CIS, Turkey, North AfricaIn the Commonwealth of Independent States, no price changes were reported, as producers had already sold all their May-rolling volumes in April.Fastmarkets' daily index of CIS billet prices was $424 per tonne fob on Friday, stable from the previous week.A 30,000-tonne cargo of Ukrainian billet scheduled for shipment in early June was sold to North Africa at $442 per tonne cfr last week, equivalent to $420-425 per tonne fob Black Sea, sources told Fastmarkets.Another sale from the same producer was heard to Indonesia at $450 per tonne cfr, the equivalent to $420 per tonne fob Black Sea, but the deal was not widely confirmed.And a 40,000-tonne...