Steel
billet export prices from
Turkey and the
CIS have seen some declines this week, due to the softened scrap prices, as well as due to poor demand and the softening of finished steel prices amid uncertain market conditions.
Accordingly, ex-
CIS steel
billet prices have dropped to $600-605/mt FOB this week, down from levels of $610-620/mt FOB which had gained acceptance in the markets last week. Despite this price drop, SteelOrbis has learned from market sources that buyers are currently delaying their purchases anticipating further price cuts.
Last week, Turkish steel
billet export offers had risen to $640-650/mt FOB. However, due the uncertainty in the finished steel markets and low demand, and most importantly because of new scrap transactions concluded at lower prices, Turkish steel
billet export offers have seen some softening to $630-640/mt FOB.
Since ex-Europe and ex-Black Sea scrap offers have also started to see some downward revisions in order to compete with ex-US scrap prices, some further price cuts may be seen in steel
billet prices.