Demand for ex-CIS billet remains strong in Egypt

Thursday, 22 June 2017 15:06:56 (GMT+3)   |   Istanbul
       

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. 
 

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