Billet buyers on hold due to price softening

Billet prices have softened somewhat this week as demand has continued to be absent.
 
Offers given particularly by traders in the CIS market have declined this week. Offers by CIS traders have been given in the range of $600-605/mt FOB. Offers made from the CIS to Turkey last week were standing at $630-635/mt CFR, whereas this week the price range has declined to $620-623/mt CFR. Certain CIS origin billets have been offered for April shipment at below $620/mt CFR in the Marmara region of Turkey.
 
Export offers by Turkish producers this week have been in the range of $630-635/mt FOB on actual weight basis for May shipments; however, not much demand has been received and billet exports are observed to have slowed down. In the Turkish domestic market, integrated steel producer Kardemir opened sales for S235JR (St37) grade billets of 130 mm x 130 mm x 6-12 mm size at a price of $635/mt ex-works excluding VAT. The price of billets of MT III-A grade of the same size was $640/mt ex-works, excluding VAT. However, the mill has not received much demand from the domestic market this week either.
 
The softening observed in the billet markets is influencing buyers and leading them to wait and see rather than conclude any new bookings for the moment.