It is observed that ex-CIS billet export offers have softened in the past week following their uptrend seen until last week. CIS-based billet suppliers have reduced their export offers by $5/mt week on week to $465-470/mt FOB, mainly due to the end of the upward movement of scrap quotations and their subsequent decreases.
Although a deal has been heard in the market at $457/mt FOB, CIS-based suppliers are trying to maintain their offers at $465-470/mt FOB but buyers’ firm bids are heard to be at $455/mt FOB as they await a further fall in billet quotations due to lower scrap prices. On the other hand, demand for ex-CIS billet in the international markets is lower than expectations.