It is reported that CIS mills have announced to cut their steel billet prices by
US$10~15/ton in the last week. Currently, the scrap price has also decreased due to weak demand in Middle Eastern region.

Meanwhile, the mills offered prices are around US$490~495/ton which down by US$10~15/ton compared to the price at US$495~497/ton FOB Black sea in middle of January this year. In fact, the global economy will continue to affect the steel market as whole.