The cost for Russian billet earmarked for January shipment to Türkiye has witnessed a notable drop, falling from $550 to $545 per ton CFR. This development comes as a departure from the previous trend, where prices had been on the rise until this week.
The price of scrap and rebar in Russia has also fallen significantly, which was a factor for the decline in billet prices.
The steel market, known for its volatility, often experiences fluctuations in response to global economic conditions, geopolitical events, and supply-demand dynamics. Importers and industry stakeholders are advised to stay vigilant and adapt their strategies accordingly in light of these market changes.
Russia has secured a deal to supply 5000 metric tons of billet at $545 per ton CIF Türkiye, with prompt shipment.
Russian market participants stated that they do not think that the Red Sea crisis will affect the Russian market.
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