With the influence of the declining trend of scrap prices in the international markets and the weak demand for finished steel and semi-finished steel in CIS-based billet suppliers’ target markets, ex-CIS billet offers to the international markets have declined for the second consecutive week, decreasing by $10/mt week on week to $490-505/mt FOB.
Ex-CIS billet offers to Turkey have also moved down, declining by $20/mt during the past week to $500-510/mt CFR, while CIS-based suppliers billet offers to Egypt have moved down by $15/mt in the same period to $510-520/mt CFR.
Additionally, it is heard that a Turkish steel mill has concluded an ex-CIS booking this week for 10,000 mt of billet at $504/mt CFR Turkey.