CIS-based billet suppliers have kept their export offers stable during the past week at $420-425/mt FOB since they cannot predict when global scrap quotations will hit the bottom and start to move up. Meanwhile, market sources state that CIS-based sellers may accept firm bids slightly lower than $420/mt FOB level for large volumes.
In the meantime, Turkish buyers, who are unable to predict when their finished steel sales prices might increase, are reluctant to conclude new ex-CIS billet transactions. Additionally, it is observed that ex-CIS billet offers to Turkey are no longer attractive with domestic billet prices in Turkey standing in the range of $430-435/mt ex-works. On the other hand, some CIS-based billet suppliers are postponing their offers to Turkey as they want to see how global scrap quotations will trend in the coming period.
.jpeg)