German steelmaker ThyssenKrupp AG's Russia-based trading company is quitting the carbon steel sector due to the drop in the business's margins, two local trader sources told Steel First on Monday January 27.

A plunge in silico-manganese futures prices on the Zhengzhou Commodity Exchange (ZCE) at the start of this week was driven by weakness in China’s steel market, market participants told Fastmarkets.

Steel billet prices dropped in almost all markets last week, affected by falling finished steel prices in China and continued weak buying activity due to the Islamic holy month of Ramadan.

Billet prices have dropped over the past week in most regional markets, in tandem with softening ferrous scrap prices and weaker steel demand in China.

Editor Vera Blei looks at the main news covered by Steel First over the past week.

The seaborne iron ore market was quiet at the start of the week, although news of output cuts at mills in a key steel production region in north China, shook market confidence.

The latest news and price moves to start the Asian day on Wednesday November 28.

Steel billet prices increased in most global regions last week, following consecutive rises in the Chinese billet market and better demand in some importing countries.

The seaborne iron ore market was quiet at the start of the week, although news of output cuts at mills in a key steel production region in north China, shook market confidence.

Metal Bulletin’s daily index for Northern Europe-origin HMS 1&2 (80:20) delivered to Turkey dropped day-on-day by $6.89 on Wednesday September 24 on a deal clinched at a lower price.