Since Chinese steel suppliers returned from their long holiday early last week, their price offers to the domestic and export markets have moved on a fluctuating trend, though their billet quotations have remained higher than ex-CIS billet prices despite declining during the given period. Meanwhile, after a CIS-based producer raised its billet price to $520/mt CFR due to the fullness of its order books, billet export offers from the CIS region have increased by $15/mt on the upper end to $490-520/mt FOB over the past week.
On the other hand, ex-CIS billet offers to Turkey have increased by $10/mt week on week to $505-515/mt CFR and the previous weeks’ price offers at $490/mt CFR for ex-CIS billet in the Turkish market have disappeared. However, demand in Turkey for billet from the CIS region has remained sluggish over the past week as Turkish buyers have preferred to meet their needs from their domestic market.
Meanwhile, ex-CIS billet offers to Egypt are currently at $510-520/mt CFR, while several deals have been heard at $505/mt CFR. However, Egyptian buyers are concluding booking of import billet only to meet their immediate needs.