In the Middle Eastern markets (including Egypt), where usually CIS-based billet suppliers receive the strongest demand, both price inquiries and trading activity for ex-CIS billet have slackened slightly due to the approaching Feast of Sacrifice holiday (Aug. 31-Sept. 4). On the other hand, global scrap prices have maintained their high levels, causing ex-CIS billet quotations to increase further. As a result, CIS-based suppliers have increased their billet export prices, raising them by $10/mt on the lower end and by $5/mt on the upper end week on week to $505-520/mt FOB.
Meanwhile, ex-CIS billet offers to Turkey have also increased, rising by an average of $7.5/mt during the past week to $520-535/mt CFR. However, as in CIS-based suppliers’ other target markets, Turkish buyers have also slowed their ex-CIS billet purchases and price inquiries due to the approaching Feast of Sacrifice holiday. Additionally, since import billet prices are at the same level as domestic billet quotations in Turkey, Turkish buyers prefer to work with domestic suppliers. This decision by Turkish buyers is an obstacle to the improvement of demand for import billet in Turkey.
Over the past week, CIS-based billet suppliers’ offers to Egypt have moved up by an average of $15/mt and are currently in the range of $525-535/mt CFR. SteelOrbis has been informed that the most recent ex-CIS billet deals in Egypt have been concluded at $510-520/mt CFR.