Billet producers from the Commonwealth of Independent States (CIS) reduced their prices in the week ended Friday April 26 to attract buyers, and this affected the markets in most regions.
But producers in other regions, such as Turkey, were not able to follow this tactic due to the strong prices in their regions for scrap raw materials.For example, Fastmarkets' daily ferrous scrap index for Northern Europe-origin HMS 1&2 (80:20) ended the week at $303.55 per tonne cfr Turkey on April 26, although it had remained slightly above $308 per tonne cfr since April 17.CIS, Turkey, EgyptAsking prices from the CIS region were lowered due to lackluster demand in its traditional export markets in the Middle East and North Africa, traders in Southeast Asia said.Fastmarkets' daily price index for CIS billet exports rose to $424 per tonne fob Black Sea on Friday, from $422 per tonne on Thursday. A week before, on April 18, the prices had been $426 per tonne fob.As a result, offers from the region reached Turkey at around...