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[Ferro-Alloys.com] Prices for steel billet were steady or moved downward in most regions over the week ended Friday August 9 because of reduced prices for iron ore and long steel products.

 

Iron ore prices showed a sharp drop. Fastmarkets’ daily index of iron ore 62% Fe fines, cfr Qingdao, reached $94.12 per tonne on August 8, down from $107.73 per tonne on August 2. Most long steel markets were also weak, bringing pessimism to the billet markets. CIS, Turkey The weakening of the long steel markets in most buying regions for CIS-origin billet created pessimism that was intensified by the fall in iron ore prices. The weakened sentiment prevented prices from recovering, and Fastmarkets’ steel billet index export, fob Black Sea, CIS, was $411 per tonne on August 9. (Metalbulletin)