In the current week, demand for ex-
CIS billet has increased slightly though it is still at low levels, while price inquiries have accelerated for ex-
CIS billet in Egypt and Middle Eastern countries.
Following the end-of-Ramadan holiday, suppliers in the
CIS region have increased their
billet quotations in line with the upward movement of Chinese
billet export prices recorded last week, raising them by $10/mt on the lower end and by $5/mt on the upper end to $320-335/mt FOB.
Although
CIS-based suppliers have concluded
billet sales to Egypt at $320-325/mt FOB in the same period, they have failed to conclude
billet deals in Turkey. With
billet completely losing its cost advantage against scrap, Turkish steel mills are uninterested in
billet offers as they still continue to purchase import scrap. As a result, demand for ex-
CIS billet in Turkey is at very low levels. However, suppliers in the
CIS region are expected to continue their sales to Egypt and Middle Eastern countries since ex-China
billet supply to the global market has declined significantly.