Prices in the major global markets for steel billet continued to increase in the week ended Friday November 29 amid more gains in the price of scrap because of seasonal factors.
Fastmarkets' daily index for
steel scrap, HMS 1&2 (80:20 mix), Northern Europe origin, cfr Turkey, was $266.08 per tonne on November 29, against $257.41 per tonne on November 25.
"Holiday periods in Europe and the US, and winter conditions, are pushing up collection costs and, therefore, scrap prices," a Turkish mill source told Fastmarkets.
CIS, Turkey, Middle East-North Africa
Suppliers in the Commonwealth of Independent States (CIS) region have been trying to increase their offers because of the strengthening scrap values.
Offers of CIS-origin billet were scarce because mills' allocations for December rolling
had been taken up in successful sales in earlier weeks, which resulted in a lack of demand in the major outlets last week.
A few offers including some for prompt shipment were heard in the market in the range of $388-395 per tonne fob Black Sea.
In Turkey, CIS-origin billet was available...