The global steel billet market featured mixed price movements during the week ended Friday May 31, with trading slow in most billet-consuming countries.
Middle Eastern markets and some in Africa and Asia were quiet due to the traditional slowdown during the Islamic holy month of Ramadan. The forthcoming rainy season was another actor behind weak demand in Asia.The optimism seen in the Black Sea market in previous weeks also faded; contrary to expectations, the United States' reduction of the import duty for Turkish steel did not spur any buying.Commonwealth of Independent States, Turkey, EgyptThe success of several CIS mills in selling billet cargoes at $430-435 per tonne fob Black Sea to North Africa the prior week inspired Russian and Ukrainian producers to increase offers for July-rolling material to $440-450 per tonne fob Black Sea during the week to May 31.But no bookings were reported at the new level. Market participants considered these prices to be too high considering the recent decline in import scrap prices in Turkey."Mills' offers start with $440 per tonne...