This week, CIS-based
billet dealers have been slowly returning to the market, while demand for
CIS billet exports is still weak. Meanwhile, with the increases seen in scrap quotations and in Chinese
billet prices, ex-CIS
billet prices have also increased slightly, rising by $5/mt week on week to $250-265/mt FOB, for February production. However,
billet buyers in the export markets are unwilling to accept higher prices amid weak demand conditions seen in the finished steel markets and
billet prices remain under downward pressure.