According to market sources, ex-CIS billet offers have trended sideways since last week at $490-500/mt FOB. With import scrap prices showing signs of strengthening, CIS mill had revised their prices upwards in the past week. However, trading volumes on the export side have remained low due to the approach of the Ramadan holiday in the target markets of CIS billet exporters, though after the holiday it is expected that demand will see a recovery and that current prices will gain acceptance.
Meanwhile, CIS billet offers to Turkey are still standing at $515-520/mt CFR, remaining stable since last week. No new ex-CIS billet deal has been heard this week in Turkey, but purchases will likely start after next week.