The decline in the bellwether Turkish ferrous scrap market, along with sluggish long steel demand that led buyers to adopt a wait-and-see approach, applied downward pressure on billet prices in most regions in the week ended Friday July 12.
Fastmarkets' daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey, was $282.08 per tonne on July 12, down by $14.10 per tonne from July 5.CIS, Turkey, EgyptIn the Commonwealth of Independent States, market sentiment showed signs of weakening, with buyers adopting a more conservative approach because of a downturn in Turkish scrap prices and uncertainty over import duties in Egypt.Asking prices for billet originating in Russia and Ukraine remained at $430-435 per tonne fob Black Sea, while buy-side sources in Turkey, Egypt and other parts of the Middle East, as well as traders selling material to these destinations, indicated their interest at $410-420 per tonne fob Black Sea.Therefore, Fastmarkets' steel billet index export, fob Black Sea, CIS, was $423 per tonne on July 12, down by $2 per tonne from July 5.CIS-origin billet was available at $440-450 per tonne cfr Turkey, although bids did not...