A downturn in global ferrous scrap prices and negative sentiment in most global steel markets continued to drag down billet prices during the working week from Monday September 16 to Friday September 20.
Export prices for steel billet from the Commonwealth of Independent States region have been under pressure from weak demand and falling scrap prices internationally, which lead mills in the region to reduce their offers last week.CIS, Turkey, EgyptBillet export prices out of the CIS region have been falling over the past week amid weakening scrap import values in Turkey.A deal for Russia-origin billet was reported to be done to Egypt at $355-360 per tonne fob Black Sea. Offers for CIS-origin material to the country were heard at the same level.Egyptian buyers were reluctant to make new deals due to uncertainties related to the possible implementation of safeguard duties.The Supreme Administrative Court of Egypt has once again postponed its decision on the possible re-imposition of safeguard duties on billet and rebar imports, and will now not discuss the matter until October 5.The duty will be at a rate of 15%...