The steel market at Black Sea remained in top gear last week and mills & sellers continued to hike their offers by each passing day.
In case of billets, it was seen that some big market players suspended their offers adding fuel to the fire. It is rumored that traders are ready to buy at USD 620 per tonne to USD 625 per tonne FOB Black Sea but producers are already sure to achieve minimum USD 630 per tonne. So, it seems like rally continues but we have to see for how long as the average costing is mush lesser and mills are reported to be running hand to mouth on their order books.
For finished longs also some of major steel mills held their offers and did not trade much last week. We heard that the biggest steel mill offered rebars at USD 660 per tonne to USD 670 per tonne on FOB basis and WRC at USD 670 per tonne to USD 690 per tonne.
For finished flats, prices have risen last week. The Ukrainian quotations are now close to USD 650 per tonne to USD 660 per tonne for HRC and producers have already started to push prices up to USD 670 per tonne to USD 680per tonne FOB black Sea. The Russians current offers are at USD 680 per tonne to USD 700 per tonne FOB Black Sea.
It seems like that more and more people are thinking about lasting of current trends and expect severe market correction.