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Kallanish Steel Weekly: Global long prices show signs of improvement as billet halts descent

Kallanish Steel Weekly: Global long prices show signs of improvement as billet halts descent (Oct. 15, 2019)

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The slight recovery of sentiment in the scrap market after many weeks of descent is beginning to support sentiment around global longs pricing. Last week billet prices ceased to fall and some improvements were visible.

Billet suppliers from the CIS continued to reject lower-priced bids last week, encouraging the consolidation of prices at current levels of around $350/tonne fob Black Sea.

Although deals are scarce, a Ukrainian integrated producer sold a large 50,000-tonne lot to a Saudi Arabian mill at $386/t cfr, netting back to $352/t fob. This represents a $7/t increase on its last equally-large sale to Southeast Asia two weeks ago, which netted back to around $345/t fob.

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