Upward movement of ex-CIS billet prices continues unabated

Thursday, 10 November 2016 16:58:44 (GMT+3)   |   Istanbul
       

During the past week, ex-CIS billet prices have increased by $22.5/mt week on week to $385-390/mt FOB with the support of the ongoing rises seen in raw material quotations since the beginning of October. It is observed that the upward movement of domestic steel prices in CIS-based suppliers' target markets has also had a positive influence on ex-CIS billet prices. SteelOrbis has been informed that buyers who had accepted ex-CIS billet offers last week have not objected to this week's higher prices and have concluded new deals in the range of $385-390/mt FOB. Meanwhile, some CIS-based traders have temporarily stopped concluding export transactions as they are planning to raise their billet export offers, as indicated in reports.
 
In Egypt, where demand for ex-CIS billet has remained strong during the past week, CIS-based suppliers' billet offers have increased by $17.5/mt week on week to $400-405/mt CFR. According to market sources, an ex-CIS billet transaction has been concluded in Egypt this week at $400/mt CFR.
 
Ex-CIS billet offers to Turkey - another important market for CIS-based billet exporters - have moved up by $22.5/mt week on week to $395-400/mt CFR. Since domestic billet prices in Turkey are currently at $400-415/mt ex-works, ex-CIS billet offers have become slightly more attractive for Turkish buyers. It is also heard that an ex-CIS billet deal was concluded in Turkey in this range in the current week.

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