Steel billet prices had another strong week as supplies of China- and CIS-origin material remained scarce in most markets and scrap costs continued to be strong.

The latest news and price moves to start the Asian day on Wednesday May 9.

Steel billet prices increased in most regions last week, despite a slight weakening in China’s domestic market, amid higher scrap prices and reduced supplies.

The sharp declines in the European ferro-vanadium market have paused with prices only moving down slightly last week. Meanwhile, the Chinese ferro-vanadium export market stabilized on firm offers.

China’s crude steel output was largely flat during the last ten days of November.

Rashtriya Ispat Nigam Limited (RINL), also known as Vizag Steel, has requested that the Indian government postpone its initial public offering (IPO) originally scheduled for the last week of July 2012.

China’s crude steel output rebounded in early August after falling steadily since late June, as a recovery in steel prices in the latter part of last month led producers to up production.

China’s steel purchasing managers’ index (PMI) hit a 16-month low in May amid falling spot prices.

The Shanghai Futures Exchange has revised its futures contract for hot rolled coil, in a bid to enhance market participation in the flagging paper contract.

Metal Bulletin reviews the major stories affecting the steel market over the past week.