Steel billet prices in the major global markets showed diverging trends during the week ended Friday March 8, with muted demand meaning that prices were stable or fell in Turkey, China and the United Arab Emirates.
But prices increased in Southeast Asia, Egypt and the Commonwealth of Independent States amid higher scrap costs and increased offers.In Egypt, reports of a new regulation that effectively bans traders from importing billet also pushed prices up.CISMills in the CIS were not very active in the market because they were assessing the market after the increase in Turkish scrap costs, sources said.Fastmarkets' daily index for Northern Europe-origin HMS 1&2 (80:20) scrap material was calculated at $317.43 per tonne cfr Turkey on March 8, up from $303.21 per tonne on February 28.Indicative billet offers from CIS mills still varied within the range of $455-465 per tonne fob Black Sea.Several traders tested the market with bids at $450 per tonne fob, but did not receive replies from potential customer mills.Buying interest was thin. Bids from North Africa were at prices equivalent to $440 per tonne fob Black Sea, while in Turkey bids...