Global billet prices were subject to opposing trends in different regions in the week to Friday June 28; material from the Commonwealth of Independent States (CIS) appeared to have hit a price floor, while Chinese prices increased and the import markets in Turkey, Southeast Asia and Egypt remained weak.
Prices in China were boosted by steel production cuts, and a rebound in scrap prices in Turkey also contributed to the mood.The daily index for Northern Europe-origin heavy melting scrap 1&2 (80:20) ended the week at $288.52 per tonne on June 28, up from $273.10 per tonne on June 21.ChinaTangshan implemented stricter production restrictions on blast furnaces and converters in the city, causing a billet supply cut and price surge over the week. Prices for Chinese domestic rebar were at 3,620 yuan ($526) per tonne at 3pm on Friday, up by 160 yuan per tonne from a week earlier. The spot inventory in Tangshan was at 401,000 tonnes on Friday, up by 65,000 tonnes from a week ago, according to a billet trader in Tangshan who cited data from a local industry information provider. No offers were heard in the export...