Prices in most of the global markets for steel billet went unchanged in the week ended Friday August 16, partly because of a lull for an Islamic holiday, while weak demand for billet in China reduced the prices for the semi-finished material in that region.
Most market participants in the Middle East and North Africa, as well as in Southeast Asia, were out of the market for several days for the Eid al-Adha religious celebration, which ended on August 14.In scrap markets, trading also remained subdued because of the holiday, and prices were largely steady.The daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey, started and ended the week unchanged at $277.98 per tonne on August 12-16.CIS, Turkey, EgyptThe billet market in the Commonwealth of Independent States (CIS) fell last week with low activity limiting mills' ability to maintain their prices.Buying activity was reduced because many buying outlets, such as countries in the Middle East, North Africa and Southeast Asia, were out of the market for the Islamic holiday.Early last week, CIS mills were offering billet at $410 per tonne fob Black Sea, but other producers were taking a wait-and-see...