CIS billet export prices have not seen any significant changes, apart from a slight contraction of the price range to $590-595/mt FOB. However, no
billet transactions have been concluded at these price levels yet.
Billet export offers to
Turkey and Saudi Arabia, as the most important
billet export destinations for the
CIS, have generally remained unchanged. Accordingly, ex-
CIS billet offers to
Turkey are at $610/mt CFR Istanbul, while ex-
CIS offers for
billet to Saudi Arabia are standing at $640/mt CFR Jeddah, though no
billet transactions have been concluded so far at these price levels.
According to the information collected from market sources, current ex-
CIS billet offers are at $590/mt FOB, while buyers' counter-offers are at around $580/mt FOB. Although buyers' firm bids have not gained acceptance from dealers, if the US dollar continues to strengthen against other currencies, ex-
CIS billet deals could be concluded in the range of $580-585/mt FOB. On the other hand, traders who have position cargos in hand may give ex-
CIS billet offers below the current range. If buyers' counter-offers gain acceptance and discounted
billet deals become widespread in the market, it is anticipated that ex-
CIS billet offers may soften further.