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Billet prices in Turkey and the Black Sea increase backed |
| WRITER |
administrator |
DATE |
2009-12-01 09:16:29 |
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Billet prices in Turkey and the Black Sea increase backed
01 Dec 2009
Steel billet prices in Turkey and the Black Sea have risen this week due to higher scrap and iron ore prices although overall demand remained thin with some buying coming from North Africa.
Black Sea FOB billet was quoted between USD 420 per tonne to USD 440 per tonne from USD 405 per tonne to USD 410 per tonne last week while scrap was slightly higher at above USD 300 per tonne.
A UK based steel trader said that "The price went up fast because of scrap. Turkish mills are asking for USD 430 to USD 440 but I'm not sure there are any deals done at that level."
He added that some of the integrated mills which are using iron ore in production have been offering higher prices due to the rising cost of iron ore on Chinese buying.
Analyst said that for scrap, which is the key ingredient in the making of long steel there was scope for further rises.
Credit Suisse analysts said that "Scrap prices in east Asia reported to be trending higher. Bookings have been seen at USD 325 tonne CFR with traders bullish of further rises. Availability remains tight after US suppliers sold out of January shipments, 400,000 were booked by Chinese importers from mid October to November prices could go to USD 350 per tonne as reported by traders."
The rebound in global steel prices over the past couple of months is seen as a result of cost pressures, rather than a major pick up in demand.
Traders said that there are pockets of buying in regions like the Middle East and North Africa, but the tonnages are far below the peak times. There's very little demand. I don't see the prices going very high.
Mr Kirby Adams the company's head of European operations said that "It is in fact Brazil, India and China not Russia, so it's the BICs not the BRICs that are now propelling growth in steel consumption around the world."
Resource from Reuters |
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