During the past week, billet offers from the CIS region to the export markets have declined by $15/mt on the lower end and by $10/mt on the upper end to $500-515/mt FOB. Market sources report that this decline in ex-CIS billet offers has been supported by the mostly downward movement of Chinese billet export quotations seen for a while now, as well as by the downtrend of the global scrap market.
Buyers of ex-CIS billet are in no rush to conclude new deals as they believe there may be further declines in billet prices from the CIS region, and so demand for CIS-origin billet in Turkey and Egypt - CIS-based suppliers’ main billet export markets - is currently weak.
Meanwhile, ex-CIS billet offers to Turkey and Egypt have decreased by an average of $7.5/mt week on week and are currently at $520-530/mt CFR and $525-535/mt CFR, respectively.