A plunge in ferrous scrap prices and a negative trend in most global steel markets resulted in falling billet prices in almost all regions during the week ended Friday September 13.
Prices in the Commonwealth of Independent States fell due to lower bids in buying outlets such as Turkey, the Middle East and Egypt. In Southeast Asia, a price war among Russian and Indian producers drove prices lower.Global ferrous scrap prices fell during the week, and buyers expected the downtrend to persist due to limited bookings in Turkey.Fastmarkets' daily index for steel scrap HMS 1&2 (80:20 mix) North Europe origin, cfr Turkey was $236.40 per tonne on September 13, down from $244.15 on September 6.CIS, Turkey, EgyptThe effects of low billet demand and weaker international scrap prices were felt in the CIS billet market, with bids and bookings being reported at levels lower than producers' expectations.Buying interest for CIS-origin billet fell in most of the Middle East/North Africa region, with bids as low as $350 per tonne fob Black...