Global steel billet markets continued to improve during the week ended Friday May 24 following the United States' removal of additional import duties against Turkey.
Mills in Turkey fully returned to the scrap markets and paid higher prices after the United States removed the additional duties, which means that Turkey is once more on a level playing field with other prospective exporters to the US, facing only the pre-existing Section 232 import tariff of 25% on steel.This quickly sent billet prices up in most of the major markets, even though demand did not improve quickly in some outlets.Commonwealth of Independent StatesThe export billet prices out of the CIS continued to climb at the end of the week, with customers finally accepting higher prices in bookings.Billet offers from the Black Sea region were heard at $430-445 per tonne fob Black Sea, depending on supplier, but few customers were ready to accept these prices, with bids still being reported around $420 per tonne fob.Nevertheless, a cargo of Russia-origin billet was nevertheless reported sold to North Africa at...