Ex-CIS billet offers continue to soften

CIS billet export offers, which have declined gradually to $590/mt FOB over recent weeks, are expected to soften further. With the recent decreases, ex-CIS billet offers now stand at $585/mt FOB.
 
According to the information collected from market sources, amid weak demand ex-CIS billet offers are likely to decrease further in the coming days. Currently, ex-CIS billet deals at $600/mt CFR Istanbul or below are possible. Following the softening in ex-CIS billet offers, it is anticipated that Kardemir's billet sales in ex-works prices opened on the morning of May 16 will not attract as much demand as its rebar sales.