LME prices for square billet have slightly moved in different directions in a week while prices in the physical market (in particular, Turkey and the CIS) continue to decrease (-$10/t). In particular, Mediterranean cash prices have risen by $6-9/t, three-month contract bids dropped $1/t, and offers climbed by $2/t.
As a result, average cash prices for Mediterranean square billet were at $491-497/t this week and three-month ones – $510-520/t, from LME approved warehouse in Turkey or UAE.
The Far Eastern cash and three-month prices have inched down by $3/t. The average Far Eastern cash prices were $525-533/t, three-month prices – $538-548/t, from LME approved warehouse in South Korea or Malaysia.
(Source: metal expert- group.com)