Billet prices in most markets around the world edged downward during the week to Friday August 2 because there was limited buying interest amid a slowdown in the finished steel markets.
Producers in the major export region of the Commonwealth of Independent States refused to lower their asking prices despite sluggish demand from customers, which led to a widening of the bid-offer spread. CIS, Egypt, TurkeyBuyers of CIS-origin steel billet were in pessimistic mood during the mid-summer lull.Fastmarkets' daily steel billet index, export, fob Black Sea, CIS, was $410 per tonne on August 2, down by $5 per tonne compared with $415 per tonne on July 26.Several cargoes of CIS-origin billet were reportedly sold within the range of $408-410 per tonne fob Black Sea on July 30, but this information could not immediately be confirmed.Customers' bids fell to $405-408 per tonne fob Black Sea, market sources told Fastmarkets. Producers continued to offer material within the range of $420-425 per tonne fob Black Sea, however, citing reduced availability of August-rolling volumes.Market participants widely discussed reported sales of Ukrainian and Russian billet at...