CIS-based slab exporters have been active in several markets since the past week, closing deals at stable levels. However, some of them have been trying to increase their offer prices, taking into account higher scrap prices and limited slab export allocation.
Turkey is in the market to buy slabs for November shipments now, while allocation hardly exists at the moment. The latest deals were closed last week at $700/mt CFR for 10,000 mt and at $710/mt CFR for 20,000 mt, both to the same buyer, with one transacted from Ukraine and the other from Russia. Some fresh offers from Ukraine have been reported at $730/mt CFR, but are not workable for Turkey due to the recent HRC price drop.
In addition, a Ukraine-based mill has recently sold a 20,000 mt slab cargo to Latin America at $760/mt CFR, with the freight estimated at around $70/mt. As a result, ex-CIS FOB slab price levels, taking into account the abovementioned deals, is still estimated at $670-690/mt FOB, but with the mills targeting to increase their prices.
