Prices for steel billet stabilized in most markets due to resistance to higher offers from the Commonwealth of Independent States and the absence of demand from re-rollers in China.
This comes after a period of mild recovery in billet markets due to stronger prices for ferrous scrap.Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), Northern Europe origin, cfr Turkey was calculated at $247.89 per tonne on Friday November 1, up from $244.16 per tonne on Friday October 25. CIS, Turkey and EgyptBillet producers in the CIS failed in an attempt to pass a price increase last week amid a lack of demand for long steel products in the region's main buying markets.Billet sellers in the CIS have been gradually increasing their prices in recent weeks due to rising scrap costs.Offer prices reached $380-385 per tonne fob Black Sea. Customers were ready to pay around 360-365 per tonne fob.Billet was mostly available from Russian mills, particularly Novorosmetal and Abinsk Electric Steel; both can ship material quickly because they are located near ports.CIS billet was available this past week...