The fall seen in domestic finished steel prices in China as well as in global iron ore prices since the beginning of the current week has caused price inquiries for ex-CIS billet in the international markets to slow down. However, as the volume of ex-CIS billet supply has fallen short of global demand, the upward movement of ex-CIS billet quotations has continued, with prices rising by $10/mt week on week to $495-515/mt FOB.
Domestic finished steel demand in Turkey has declined over the past week due to the sharp price rises which have failed to gain acceptance and also due to the approaching Feast of Sacrifice holiday (Aug. 31- Sept. 4). As a result, Turkish buyers’ price inquiries for ex-CIS billet have slowed down. Ex-CIS billet offers to Turkey have increased by $10/mt week on week to $510-530/mt CFR.
Meanwhile, demand for ex-CIS billet in Egypt is still lively with CIS-based suppliers increasing their billet offers to the country by $10/mt week on week to $510-535/mt CFR. Market sources state that Egyptian buyers have concluded ex-CIS billet deals over the past week at $510-520/mt CFR.
Additionally, SteelOrbis has been informed that ex-CIS billet sales have been concluded to Algeria in the same period at $520-530/mt CFR.