The steel market at Black Sea remained quite stable last week.
It seems that a growth potential has been already used and market is searching for new signals. Generally the future trend is quite unpredictable now.
Steel producers have strong appetite, but it seems that it is not enough supported with a demand
Billets prices are consolidated at USD 540 per tonne to USD 560 per tonne FOB Black Sea, but without negligible buying and selling activity. As per market reports, billet producers are trying to keep their offers at USD 550 per tonne to USD 560 per tonne FOB on the strength of Iran but buyers on their side are having in mind levels below USD 540 per tonne.
Finished longs were generally under pressure because of lack of buying activity. But wire rod market was much more sustainable with price indications sometimes even higher than the previous week. We deduce that working levels for wire rods were closer to USD 570 per tonne to USD 590 per tonne FOB Black Sea.
On the other hand finished flats were generally stable with the Ukrainian offers around USD 560 per tonne to USD 590 per tonne and the Russians at USD 590 per tonne to USD 610 per tonne FOB Black Sea.
The plate prices also remained stable. As per market reports most of the mills have booked their production.