[SMM Steel] Black Sea Billet Prices Bottom Out; Mills Ramp Up Early Production to Seize Q4 EU Quotas

A Turkish-owned vessel carrying steel billets from India to the United Arab Emirates partially sank near Bandar Abbas in the Strait of Hormuz following a reported structural failure. The ship was transporting a total cargo of around 43,000 tonnes, including billets, copper and industrial components, with market estimates suggesting that a significant portion of the billet cargo may be lost or unrecoverable. The vessel reportedly settled in shallow water, but salvage operations are expected to be extremely difficult due to the regional security situation. Insurance claims may also face delays because damage assessments in the conflict-affected area could be challenging. Market participants said the UAE may need to seek alternative short-lead-time billet supplies to cover the disrupted cargo.