Buyers dissatisfied with declines in ex-CIS billet offers

According to market sources, billet offers from Russian and Ukrainian suppliers to export markets have declined by $10/mt on average compared to last week to $370-375/mt FOB. The declines in scrap prices, which have impacted almost every steel market, have also negatively affected ex-CIS billet offers, with the expectations of buyers in foreign markets for lower prices causing CIS billet export offers to decline. 
 
In addition, billet offers from the CIS region to the Turkish market have started to trend in the range of around $385-390/mt CFR. However, CIS-based suppliers state that the new reduced offers have failed to prompt Turkish buyers to conclude transactions, while inquiries from Turkey are for prices in the range of $360-365/mt CFR.