During the past week,
billet offers from the CIS region to the export markets have increased by $5/mt on the lower end to $395-410/mt FOB.
Turkish finished steel producers have continued to purchase import scrap instead of
billet as production with
billet has failed to present any advantage. Not being in any rush to conclude purchases ahead of the end-of-Ramadan holiday, Turkish buyers do not consider ex-CIS
billet offers to be attractive in terms of price and delivery times. As a result, demand for ex-CIS
billet in
Turkey is still at low levels. Meanwhile, CIS-based suppliers'
billet offers to
Turkey have remained stable over the past week at $410-430/mt CFR.
Meanwhile, demand for ex-CIS
billet in Egypt has remained strong, with CIS-based suppliers increasing their offers to the country by an average of $7.5/mt week on week to $420/mt CFR. While the actual ex-CIS
billet deals concluded in Egypt are at $415-420/mt CFR, it is observed that Egyptian buyers are still busy making price inquiries for ex-CIS
billet despite the approach of the end-of-Ramadan holiday. Market sources report that price inquiries for Turkish
billet are also observed in Egypt. However, no new Turkish
billet sale to Egypt has been heard after the most recent deal concluded last week at $405/mt FOB.