No positive trend in the steel market at Black Sea was seen last week.
As per latest information from market sources, some of the major steel mills have reduced its indication or billet sales to USD 445 per tonne FOB Black Sea.
As per market report, offers at this level now are coming from quite big producers. It seems that people are not so confident anymore about “bottoms” etc. Everybody just says that it is not the end of story. Maybe this is a good sign because all time before mood was different.
Finished longs just followed. We learned that the market for WRC is better than for rebars, but as far as more mills are trying to utilize their capacity, levels are getting really equivalent.
Finished flats were little bit more stable last week, but also not backed by demand, which means that everything can change quickly, when trading will start.
This reduction reflects continued weakness in market conditions and it is expected that the general price levels at Black Sea would settle further down in this week.