CIS-based steel slab exporters have managed to achieve their earlier targeted price increase in negotiations with Mediterranean region-based buyers and have traded a sizable volume in total since late May.
Turkey has, as is traditional, taken the largest volume this week, with at least one big lot traded at $370/mt CFR and one big batch sold within $370-375/mt CFR, SteelOrbis has learned. Last week, another cargo was sold to Turkey with no solid price disclosed, but Turkish market sources estimate the level in the range of $360-370/mt CFR. Prior to the mentioned sale, the highest deal price for ex-CIS billet in Turkey was fixed at $360/mt CFR, as reported earlier. As a result, Turkey has accepted slab prices which are around $10/mt higher compared to the end of May.
European buyers have also been active. A Ukrainian mill has managed to sell a medium-sized lot at $370/mt CFR base, which matches the initial level of the supplier’s offer.
As a result, the workable price level for ex-CIS steel slab to be shipped from the Black Sea/Azov Sea region has been set at around $355-360/mt FOB, up $5/mt from early this week.
In the Far East, offers from Russia have been reported at $395-400/mt CFR, which corresponds to around $385/mt FOB. In the meantime, ex-Brazil slabs have been booked to China at $390-395/mt CFR levels, SteelOrbis has learned.
