After continuous fall on week on week basis for last 17 weeks, the steel price movement this week has shown signs of revival as the billet prices at Black Sea witnessed a jump of USD 150 per tonne, no slide reported for other products and surge in scrap prices.
As per market reports following changes have taken place during the week
1. Scrap prices, which were reported to have reached bottom of USD 150 per tonne surged to about USD 300 per tonne on CFR basis at Turkey
2. Ukrainian and Russian billet majors increased their offers from USD 230 per tonne to USD 280 per tonne on FOB Black Sea basis in the previous week to USD 380 per tonne to USD 440 per tonne on FOB Black Sea basis
3. Prices of rebars of wire rods at Black Sea also showed mild improvement of about USD 30 per tonne
Some other encouraging news indicating stability and revival of steel prices are reported from EU for HRC. As per market reports, Russian sellers, who were offering HRC at EUR 350 per tonne on CIF basis in Southern Europe last week, without any reported transactions as buyers were looking at EUR 320 levels, have increased their offers to EUR 400 levels.
It appears that long products have bottomed out and are now in correction stage but the transactions in the coming weeks will give a clearer picture