Demand for ex-
CIS billet has declined further over the past week, while buyers have preferred to conclude
billet purchases only to meet their needs as they are unable to foresee a clear price trend due to the volatility of the global
billet market. Despite the weakness of demand, ex-
CIS billet quotations have increased by an average of $12.5/mt since November 24 to $390-410/mt FOB against the backdrop of the mostly upward movement of Chinese
billet export offers.
In Egypt, one of the target markets of
CIS-based exporters, buyers'
billet inventories are full and so demand for ex-
CIS billet in the country is currently at low levels. Meanwhile,
CIS-based suppliers'
billet offers to Egypt have been in the range of $415-430/mt CFR this week.
Similarly, in Turkey - another target market of
CIS-based
billet exporters - buyers have postponed their purchases as they have adopted a wait-and-see stance amid the depreciation of the Turkish lira against the US dollar and due to the sharp fluctuations seen in Chinese
billet export quotations. As a result, demand for ex-
CIS billet in Turkey has also remained at low levels. On the other hand, SteelOrbis has been informed that ex-
CIS billet offers to Turkey have increased by $12.5/mt week on week to $400-420/mt CFR with the influence of the mostly upward movement recorded in Chinese
billet export offers despite the recent sharp fluctuations.