Billet prices in the global markets except India continued to fall during the work week from Monday March 26 to Friday March 30 due to negative sentiment caused by the uncertainty over the United States' Section 232 tariffs.

The base metals prices on the London Metal Exchange are, for the most part, little changed this morning, Wednesday May 17, the exception is nickel where three-month prices are down 0.9% at $9,085 per tonne.

Shenzhen Stock Exchange-listed Jiangsu Shagang, the listed arm of China’s largest privately-owned steelmaker Shagang Group, predicted a rise in its net profit for the first half of 2014.

Dongkuk Steel, South Korea’s third-largest steelmaker, reported a 30.2% fall in plate sales last year on the back of increased domestic competition and continuing weak demand for the product.

China’s daily crude steel output rebounded in early February despite the week-long Chinese New Year holiday during the period.

Scrap prices in the global markets have continued to increase his week, amid strong demand for material in the major importing countries and upward momentum in the US export markets.

South Korea is working to ease the steel import quota limits imposed by the United States following its Section 232 investigations, the Korea Iron & Steel Association (Kisa) said on Monday March 26.

The regional steel billet markets mostly fell quiet last week because of the start of the Islamic holy month of Ramadan and the persistence of high export offer prices from China.

Global scrap prices continued to climb with increasing demand in the major import markets during the working week from Monday June 26 to Friday June 30.

China’s daily crude steel output rebounded in late February, raising concerns of oversupply as demand remains weak.