During the past week, despite the ongoing weakness of demand
CIS-based suppliers'
billet offers to the export markets have increased by $5/mt on the upper end to $390-405/mt FOB amid the rises seen in global scrap and Chinese
billet quotations.
It is heard that ex-
CIS billet offers to
Turkey have increased by $5/mt on the upper end during the past week to $400-415/mt CFR, while Turkish buyers consider this price range to be on the high side. Additionally, Turkish buyers believe that import
billet prices are not attractive enough to ensure a cost advantage in their production compared to import scrap. As a result, they are reluctant to purchase
billet from the
CIS region.
Meanwhile, ex-
CIS exporters'
billet offers to
Egypt - another target market for ex-
CIS billet exports - are in the range of $405-415/mt CFR, depending on port where cargo is loaded. Also, market sources state that the latest ex-
CIS billet deal in
Egypt was concluded at $405/mt CFR.