It is reported that although billet market at Black Sea remained uncertain, with sellers are in wait and see mode trying to stay at price level of about USD 600 per tonne FOB without much success, prices of finished longs witnessed further correction this week.
The offers of Billets which had touched USD 640 per tonne to USD 650 per tonne plummeted to USD 580 per tonne to USD 590 per tonne. However even at these levels there were few transactions as the buyers perceived a further swing in fortunes.
The recent cosmetic rebound in scrap prices has caused the withdrawal of offers of billet .Suppliers are holding back offers and at the same time, buyers are also waiting for the market to stabilize. Whatever be the case the impasse is likely to prolong for another week before the emergence of clear cut pattern.
Finished longs lost USD 10 per tonne to USD 20 per tonne this week and now rebars are priced at USD 630 per tonne to USD 640 per tonne FOB Black Sea and WR at USD 650 per tonne to USD 680 per tonne.
It is reported that some price correction has started for HRC at Black Sea this week.
While Russian material quotations have remained at USD 720 per tonne to USD 750 per tonne, Ukrainian offers have declined by USD 10 per tonne to USD 30 per tonne and now working level is closer to USD 670 per tonne to USD 690 per tonne FOB Black Sea.
But plates still are going in different direction. Market once again faced the price hike that vary from mill to mill, but generally accounts for about USD 30 per tonne. The prices for commercial grades at the EU border are about USD 800 per tonne DAF.