Export offers for billet from the CIS region have declined for the fifth consecutive week, falling by a further $25/mt on average during the past week to $320-340/mt FOB, while demand for ex-CIS billet in the export markets has remained at low levels in the past week.
Ahead of Ramadan which begins on June 6, steel producers in Egypt and Turkey, the most important markets for ex-CIS billet exports, are still focusing on their finished steel sales, while it is observed that they are unwilling to conclude billet purchases except to meet their immediate needs. The volume of inquiries for ex-CIS billet from Egypt and Turkey is expected to decline in the coming days since Ramadan is traditionally an offseason for the steel markets in these countries, while buyers are expected to continue to exert downward pressure on prices.
Meanwhile, SteelOrbis has been informed that a CIS-based billet exporter has concluded a billet deal in Qatar this week at $310/mt FOB.