CIS billet export offers are currently in the price range of $515-530/mt FOB Black Sea for late May shipments.
CIS offers have again decreased slightly this week. CIS producers have shown a reaction after some Turkish producers made offers of below $550/mt FOB for export. Italy is currently the most attractive market for CIS producers due to the high €/$ exchange rate. The latest booking in this market was at $555/mt CFR. However, the softening in scrap seems to be disturbing customers in this market.