Steel billet prices in most major regions around the world climbed in the week to Friday April 17, tracking gains seen in the bellwether Turkish ferrous scrap import market.
Scrap prices in the world's largest importer of the steelmaking raw material
have increased by close to $50 per tonne since plunging to April 2's three-and-a-half-year low of $208.10 per tonne.
CIS, Turkey, Egypt
Trading activity in the Commonwealth of Independent States (CIS) was limited, with buyers of products from this region
adopting a wait-and-see approach due to a lack of clarity over future price trends.
Upcoming religious holidays in the Middle East and poor demand for finished steel products amid the Covid-19 pandemic continued to dampen sentiment, sources said.
Nonetheless, CIS suppliers raised their offers following a rebound in the Turkish scrap market.
Fastmarkets' daily
steel billet index, export, fob Black Sea, CIS was $357 per tonne on April 17, up by $17 per tonne from $340 per tonne on April 9.
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