The price of steel billet fell in most regions in the week ended Friday January 17 due to an unexpected drop in ferrous scrap prices in Turkey.
The downturn in Turkish deep-sea scrap import prices affected scrap prices in other regions and put downward pressure on the global billet markets.
A steel mill in the Izmir region booked a US cargo of 35,000 tonnes of HMS 1&2 (95:5) at $295 per tonne cfr late on January 15, which
would put the equivalent HMS 1&2 (80:20) price at about $288 per tonne.
A previous US cargo of shredded scrap was sold into Turkey on January 3 at $306 per tonne cfr, which would have put the HMS 1&2 (80:20) price at around $301 per tonne.
Meanwhile,
renewed sanctions imposed by the United States against major Iranian steelmakers reduced the trade for semi-finished material from the Middle Eastern country.
Commonwealth of Independent States
Trading activity in the CIS export market increased in the week to January 17, but prices...