During the past week, demand for ex-
CIS billet has remained at low levels, while
CIS-based suppliers'
billet offers to the export markets have increased by $5/mt on the lower end week on week to $405-420/mt FOB against the backdrop of the ongoing strength of global scrap quotations.
As a result, ex-
CIS billet offers to
Turkey have reached $420-435/mt CFR over the past week. However, Turkish steel producers consider this price range to be on the high side and prefer to meet their needs from local suppliers.
In
Egypt, another important target market of
CIS-based
billet exporters, demand for ex-
CIS billet is currently at very low levels. Market sources state that Egyptian buyers are purchasing
billet from Middle Eastern suppliers due to the latter's more attractive prices. Meanwhile, the latest ex-
CIS billet offers to
Egypt are at $420-425/mt CFR.