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Kallanish Steel Weekly: Global long prices show signs of improvement as billet halts descent

Kallanish Steel Weekly: Global long prices show signs of improvement as billet halts descent (Oct. 15, 2019)

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The slight recovery of sentiment in the scrap market after many weeks of descent is beginning to support sentiment around global longs pricing. Last week billet prices ceased to fall and some improvements were visible.

Billet suppliers from the CIS continued to reject lower-priced bids last week, encouraging the consolidation of prices at current levels of around $350/tonne fob Black Sea.

Although deals are scarce, a Ukrainian integrated producer sold a large 50,000-tonne lot to a Saudi Arabian mill at $386/t cfr, netting back to $352/t fob. This represents a $7/t increase on its last equally-large sale to Southeast Asia two weeks ago, which netted back to around $345/t fob.

Latest prices

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HMS 80:20 Scrap (West Africa origin) / India / CFR USD/t 3.0%
Rebar / Singapore CFR USD/t 1.0%
Rebar / Turkey / ex-Works / $/t / excl. VAT -0.8%
HRC / Turkey Ex-Works USD/t -2.0%
HRC / Turkey FOB USD/t -0.0%
E40 Shredded Scrap / India / CFR USD/t 2.0%
E40 Shredded Scrap / Pakistan / CFR USD/t 4.0%
CRC / N America Ex-Works USD/s.ton -0.0%
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HRC / N America Ex-Works USD/s.ton 1.0%
E3 Demolition Scrap / Italy Delivered Basis EUR/t 0.0%
E1 Heavy Demolition Scrap / Italy Delivered Basis EUR/t 0.0%
Welded Pipe (S235) / Turkey FOB USD/t -1.0%
Wire Rod / N Europe / Ex-Works EUR/t -1.0%
Merchant Bar / Italy Ex-Works EUR/t 1.0%
Rebar / Italy Ex-Works EUR/t 0.0%
Wire Rod / Italy Ex-Works EUR/t -3.0%
Billet / Italy Ex-Works EUR/t 2.0%
Wire Rod / China FOB USD/t 0.0%
Heavy Scrap / China / CNY/t 0.0%
Billet / Manila CFR USD/t 2.0%
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