Despite some uncertainties that appeared earlier last week, the market remained in quite optimistic mode. There was a demand revival and producers strengthened their positions.
After certain decrease of quotations in last week beginning, billet market finally moved to USD 570 per tonne to USD 580 FOB ST Black Sea and it appeared that these levels were getting accepted by the weekend.
Rebar and WR followed the trend in billets with USD 5 per tonne to USD 10 per tonne increase. The most part of rebar proposals were in range of USD 590 per tonne to USD 600 per tonne while WRC was traded for USD 590 per tonne to USD 610 per tonne.
Quite important input that should impact the flats market in the Black Sea region was the fact that Metinvest received full control of Ilyich’s supplies.
The volume of inquiries for flat products from the clients increased in the last week and backed by fine level of bookings is forming potential for price increase.