CIS-based billet suppliers worried amid declines in Chinese steel market

Thursday, 17 November 2016 10:12:11 (GMT+3)   |   Istanbul
       

On November 11, ex-CIS billet prices had increased by an average of $7.5/mt compared to the previous day to $390-400/mt FOB due to the sharp increases recorded in Chinese billet quotations.
 
However, during the past four days Chinese billet prices have decreased by $30/mt compared to the price levels recorded on November 14 amid the sharp declines recorded in the Chinese futures market and due to the weakness of domestic demand. After this development, it is observed that the upward movement of ex-CIS billet quotations which had started at the beginning of October has come to an end this week, with CIS-based suppliers' billet prices moving sideways since the beginning of the current week.
 
In Egypt, where ex-CIS billet purchases are still being made, billet offers from the CIS region increased by an average of $17.5/mt towards the end of last week to $420/mt CFR, while CIS-based suppliers have kept their billet offers to the country unchanged in the current week.
 
Market sources state that buyers in Turkey have also continued their ex-CIS billet purchases both during the weekend and in the current week. CIS-based suppliers' billet offers to Turkey have moved sideways since the beginning of the current week in the range of $400-410/mt CFR, after increasing by $10/mt on November 10-11.
 
On the other hand, despite the significant falls seen in Chinese billet export offers since November 14, no improvement has been recorded in demand for Chinese billet due to delivery times and freight costs. CIS-based suppliers are increasingly worried amid the downward trend of Chinese billet export prices.
 

Similar articles

Turkey-based IDC reports lower net profit and revenues for 2023

07 May | Steel News

Ex-Europe scrap prices in Turkey remain firm, market still mostly silent

18 Apr | Scrap & Raw Materials

Iran’s steel exports up 6.6 percent in last Iranian year

08 Apr | Steel News

Turkish official merchant bar export prices move sideways

29 Mar | Longs and Billet

Turkey’s Kardemir issues planned sales volumes for April-June

22 Mar | Steel News

Iran’s steel exports up 7.6 percent in first 11 months of Iranian year

20 Mar | Steel News

Ex-Turkey official merchant bar prices soften

01 Mar | Longs and Billet

Ex-China billet most competitive in SE Asian billet market amid lower futures prices

22 Feb | Longs and Billet

Italy’s Feralpi Group to meet construction sector’s carbon-reduced rebar demand

20 Feb | Steel News

Local Indian rebar trade prices improve slightly, but fundamentals still negative

20 Feb | Longs and Billet