During the past week, ex-
CIS billet export quotations have increased by $5/mt on the upper end to $390-410/mt FOB.
Demand for ex-
CIS billet in
Turkey has improved slightly due to the rapid rises seen recently in Turkish domestic
billet prices, and so Turkish buyers are still making price inquiries for ex-
CIS billet.
CIS-based suppliers'
billet offers to
Turkey have increased by $5/mt on the upper end week on week to $410-430/mt CFR. Turkish rolling mills are cautious as regards concluding new deals for ex-
CIS billet within the scope of
Turkey's inward processing regime (under this scheme mills have to give a commitment to export the finished products they produce from imported
billet) as their finished steel export sales are very tepid, while liquid steel producers in
Turkey prefer to continue their production with scrap.
In the meantime, ex-
CIS billet offers to
Egypt have remained stable for the third consecutive week at $410-415/mt CFR. Egyptian buyers continue to conclude deals for ex-
CIS billet in this price range amid ongoing construction projects in
Egypt. On the other hand, it is thought that the rises seen in the local Egyptian rebar market may cause an acceleration of
billet purchases from the
CIS region in the coming period.