Ex-CIS slab prices weaken, rebound possible

Thursday, 31 October 2019 16:58:54 (GMT+3)   |   Istanbul
       

Ex-CIS steel slab prices have weakened since mid-month in the most recent deals; however, sellers are cautiously optimistic regarding the new negotiations given the firmness of scrap prices and the uptrend seen in hot rolled coil prices.

In the Black Sea region, slab prices from the CIS are estimated at around $335-340/mt FOB, down by $10-15/mt from the middle of the current month. The latest workable level in Turkey has been reported at around $345-355/mt CFR, with some lower levels also being rumored in the market. However, buyers report that getting below $350/mt CFR is difficult for now. In addition, a slab sale has been closed from Ukraine to Italy at $353/mt CFR, SteelOrbis has learned.

In the Baltic region, slab prices for December production have lost around $5-15/mt from mid-month levels to $335-345/mt FOB. Around 30,000 mt have been sold recently to European customers within the mentioned range.

In the Far East, the slab market remains stable overall amid the absence of fresh sales. The price indication for Russian scrap is standing at $360/mt FOB ($375-380/mt CFR), slightly below the mid-October levels. Buyers’ bids, however, are up to $30/mt lower than the sellers’ price idea, as SteelOrbis reported earlier.


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