According to market sources,
CIS billet offers to the export markets have increased by $5/mt on the high end compared to last week and are currently at $490-500/mt FOB. Last week, ex-
CIS billet deals to
Turkey had been concluded at $501-505/mt CFR. Over the past week,
CIS billet producers have revised their offers to
Turkey upward by $5-10/mt to $515-520/mt CFR.
Market sources state that
CIS billet producers have revised their prices due to the increases in scrap prices.
CIS billet producers expect demand in their main export markets, the Middle East and North Africa, to increase after Ramadan and so their
billet offers are likely to remain in the range of $490-500/mt CFR in July even though demand is weak.