Prices improved in almost all regions despite weak buying activity following a recovery in scrap prices and continued high iron ore costs forced producers to raise offers.
In the Commonwealth of Independent States (CIS), producers were also bullish because of the suspension of a safeguarding duty on billet imports, while in China prices increased mainly due to optimism because of trade negotiations with the United States.The price of ferrous scrap in the bellwether Turkish market surged because steel mills in the country needed to procure feedstock for August shipments of finished steel products and billet.Fastmarkets' daily steel scrap index HMS 1&2 (80:20 mix) from North Europe reached $296.18 per tonne cfr Turkey on Friday July 5, up from $288.52 per tonne cfr on July 28.CIS, Turkey, EgyptPrices for billet offered by CIS-producers increased this week due to higher ferrous scrap costs, causing import prices in Turkey and Egypt to rise as well.Offers for Russian billet were heard in the market within a range of $425-430 per tonne fob Black Sea.Producers saw no point in selling material at less than $425 per...