Billet markets maintain their strength

Since the middle of last week, CIS billet suppliers, which were away from the market due to the Easter holidays, have tried to reflect their pre-holiday price increases in market transactions. CIS suppliers have returned to the market with a slight price increase. Having filled their April production order books, mills are not in a hurry to determine May pricing. Currently, with various price levels in the CIS market, traders' offers at $620-640/mt FOB are seen to be workable price levels. Waiting for market price increases, the Far Eastern mills have not yet set their prices; meanwhile, ex-CIS offers are known to be high for the Far East market. With the Iran market starting to increase after the Iranian New Year holidays, it is observed that CIS offers to the Iran market have risen.
 
In the Turkish billet market, local billet producers, which have filled their order books for April production, are observed to have collected orders mainly for export for some of their May production. The Saudi Arabian and Egyptian markets were active last week, and this week transactions have been concluded from the Turkish market to these two destinations at the overall price level of $650/mt FOB.
 
The strong trend of raw materials and the full order books of the mills have ensured the strength of the billet markets. Following the slowdown in demand on the end product side, the billet markets are expected to present a clearer picture next week depending on improvements on the finished product side and on the momentum of raw materials.