According to market sources, ex-CIS billet offers have remained unchanged at $490-500/mt FOB over the past week. CIS billet export activity had been slow during Ramadan but it is expected to increase in the coming week as prices are anticipated to trend upwards. CIS billet producers say that they want to increase their prices to $510/mt FOB in August amid the expected demand revival in the global markets and the sudden increase in import scrap prices.
On the other hand, Egyptian billet buyers have reported that they will be booking import billet in the coming days. However, ex-China billet offers to Egypt at $505/mt CIF will make competition difficult for CIS billet producers. Meanwhile, ex-CIS billet offers to Turkey have remained unchanged at $515-520/mt CFR compared to last week.